Audiera (BEAT) broke the $3 support level and fell to a low of $2.4. This price drop came after days of strong upward pressure, marking a significant reversal. At press time, BEAT was trading around $2.76, having fallen 24.29% on the daily charts.
Audiera’s revenue notably climbed to $17.6 million, a significant increase from the previous day’s $15 million, reflecting the dominance of the bear market.
Audiera traders panic and leave the market
BEAT saw increased selling pressure as traders closed their positions. On the futures side, the altcoin saw $299.68 million in outflows, compared to $292 million in inflows.
As a result, net futures flow decreased by 2,032% to -$7.61 million, implying that a significant number of traders closed their positions.
Reduced speculative activity has historically led to short-term market weakness, often preceding a decline in prices.
On the spot side, holders have significantly increased their spending. As local investors withdrew their funds, the pressure increased significantly.
At the time of writing, Audiera’s Spot Netflow stood at approximately $688,000, marking a monthly high. Such an increase in FX flows reflects high bearish pressure.
Strong market pressures, both in the spot and futures markets, have often weakened the market significantly, causing prices to fall sharply.
More losses to come for BEAT?
Audiera’s downward momentum was reinforced by increased selling pressure. As a result, the altcoin’s earlier momentum has faded, with BEAT falling below the EMA50 at $3.04 at the time of writing, signaling a short-term bearish takeover.
At the same time, Audiera’s Stochastic Momentum Index (SMI) formed a bearish cross and fell into the negative zone. At -14, the SMI indicator further validated this trend reversal.
For now, the 50-day moving average acts as dynamic resistance. As such, bulls need to regain the price level to ease market pressure.
By doing so, the altcoin will be strengthened enough to target a move above $3.8. On the other hand, if the recent market pressure continues, the altcoin will fall below the 200-day EMA at $2.6.
Final summary
- Audiera fell 24%, breaking through the $3 support to a low of $2.4, before rebounding slightly to $2.8.
- BEAT faced intense selling pressure in the market.
