Audiera price hits a 7-month high – Mapping BEATs path to $5

Audiera [$BEAT] extended its record-breaking rally, breaking the $4 resistance and hitting a 7-month high of $4.359.

At the time of writing, Audiera traded at $4.31, up 86.7% on the daily charts. Moreover, the altcoins market cap crossed the $1 billion mark while the volume jumped 124% to $121 million.

With volume and market cap rising in tandem, it signaled strong market participation accompanied by steady capital flow.

Audiera speculators hold the market

As Audiera‘s uptrend continued, speculative demand followed, with traders jumping to take strategic positions. In fact, the altcoin’s Open Interest (OI) rose 79% to $268 million as of writing, while the derivatives volume climbed 191% to $1.9 billion.

Source: CoinGlass

Notably, OI and volume rising together suggested traders deployed significant capital to open new futures positions.

Meanwhile, the Long Short Ratio surged to 1.05, with the Binance Top Traders ratio leading with 1.2. This suggested that most traders were bullish and mostly opened long positions.

Decoding $BEATs bearish signals

Unsurprisingly, as the market continued to rise, investors who had held during the past months of weakness rushed to take profit.

According to CoinGlass data, Audiera has recorded positive Spot Netflow for three consecutive days. On the 7th of June, Netflow reached a record high of $2.8 million, then dropped to $1.5 million at press time.

Source: Coinglass

A positive Netflow suggests that sellers have dominated the market during this price uptick. Thus, bears have attempted to push prices lower at every opportunity.

In addition to rising selling pressure, on-chain activity remains fragile, suggesting that the asset has failed to attract more new users and holders.

Source: Santiment

Santiment‘s data showed that Audiera’s Price DAA Divergence has remained negative over the past week. This period coincides with strong price action, suggesting that even the price hike has failed to attract new users.

With sellers active while on-chain activity remains weak, it shows structural weakness. Such market conditions warn that the trend is likely unsustainable.

Whats next for $BEAT？

Audiera saw strong upward momentum amid soaring speculative activity. This demand pushed the altcoins Relative Strength Index into the overbought zone, hitting 92 as of writing.

At the overbought zone, RSI suggested that buyers have commanding control of the market. However, concerns arose across the market about a trend involving Binance Alpha tokens.

Source: TradingView

As a result, sellers also increased the rate of profit-taking, pushing RSIs signal line to 70. Such market conditions suggest Audiera bulls and bears are in a fierce fight for market control. Therefore, the next step depends on whether the speculation holds. If bulls hold the market, $BEAT will target to flip $5.

If the momentum fades, leveraged longs will be flushed out, sending $BEAT crashing. In doing so, the altcoin will drop to $1.5.

Final Summary

• Audiera [$BEAT] rallied 86%, breaching $4 resistance to hit a 7-month high of $4.3.
• Despite the uptick, on-chain activity remained feeble, and rising profit-taking could send the market crashing back to $1.5.