Audiera (BEAT) continued to struggle after a stellar performance that saw the asset surge as much as 533% between early June and press time.
From that point on, the market erased almost all of those gains, leaving BEAT roughly neutral for investors who entered earlier in the month.
The asset is now showing bullish trends and the prospect of a rally, as it trades in a key demand zone, whales enter the market and its dominance gradually strengthens.
A rebound in form for BEAT?
Chart analysis shows a clear sign that a rebound remains in BEAT’s playbook, with the asset trading in a key demand zone.
Demand zones often trigger a rally for an asset, but that didn’t happen here as BEAT remains limited inside the blue box, a trend that often hints at ongoing accumulation.
If a rally takes hold at this level, BEAT could extend its gains to $7.9 in the near term, with other near-term targets marked on the chart that could generate further upside.
Indicators, especially momentum-based ones such as the Moving Average Convergence Divergence (MACD), indicate a clear strengthening of the bullish scenario as the indicator forms a bullish cross.
A bullish scenario is triggered when the fast MACD line, calculated by subtracting the 26-period EMA from the 12-period EMA, rises above its nine-period exponential moving average, known as the signal line.
Additionally, although it is negative, the Bull Bear Power (BBP) indicator shows a steady decline in the strength of the bears in the market, increasing the chances of BEAT rebounding.
Whales intervene on BEAT
Further analysis shows that whales – a group of investors known for controlling large amounts of liquidity, massively deploying assets, and holding for long durations – have begun accumulating BEAT.
In the hours leading up to press, a growing trend emerged as the whale-detail delta reached its highest point on the map, signaling that the whales are in control. The reading suggests that this group has been behind much of the ongoing accumulation in anticipation of a move higher.
In the BEAT perpetual market on Binance, long and short capital have diverged, showing that shorts have committed more capital as traders position themselves for a possible decline.
At the time of writing, short positions hold $123.63 million, compared to just $109.55 million for long positions.
While this appears bearish, Binance’s top traders in terms of account and position size (who can be considered whales) are well positioned for a rally, as their volume is predominantly channeled into buying activity.
The perpetual market turns bullish
The funding rate measures which side of the market investors are leaning towards (bullish or bearish) based on its depth and whether it is positive or negative.
At the time of writing, the funding rate stands at 0.0138%, implying that investors remain bullish on BEAT and strengthening the overall market performance of the asset.
Final Summary
- BEAT has given back almost all of its 533% rise in June, but it is now trading in a key demand zone where buyers have historically stepped in.
- Whales are accumulating BEAT and funding rates remain positive, both signs that point to a possible rebound despite shorts committing more capital to the perpetual market.
