Audiera (BEAT) has attracted enough capital inflows to push its valuation higher, with a market cap up 17% and assets worth approximately $970 million at the time of this analysis.
This performance heading into the weekend leaves an open question as to whether the rally will survive into the new week. Several factors militate in favor of continuing this policy, and a handful of risks directly oppose it.
BEAT chart shows unfinished rise
The 4-hour chart suggests that BEAT has more room to run than the current move suggests, and the case rests on the pattern the asset just came out of.
BEAT has broken out of an ascending triangle, a structure that typically precedes an extended rally, with the measured move often bringing the price back toward the point where consolidation began.
Applied here, the extension puts BEAT on track for $4.0, returning the asset to the territory it held before consolidation began.
The journey there is far from clean, as two levels stand between BEAT and this goal. The asset must first absorb the supply at $3.2, then clear $3.6, before the final target comes into play.
Momentum is currently supporting the attempt, with volume confirming the rise, up 82% to $32.87 million, according to CoinMarketCap.
Clearance heat map keeps the pressure on
The rally exerts pressure of its own, and the liquidation heatmap explains why the positive case comes with a caveat.
Clusters lie both above and below the current price, marking where sell and buy orders are concentrated. These above give BEAT a target to chase while momentum maintains, although they thin out quickly and limit swing range.
The greatest risk is below, where liquidity clusters are denser and extend further below the spot. Clusters of this size act like a magnet and can attract BEAT towards them once the upward surge fades, thereby accelerating any decline.
Positioning remains bullish at the moment, with traders betting on a decline losing around $488,910 over the period, compared to $98,510 lost by traders positioned long.
Indicators indicate BEAT is moving away from a short-term decline
BEAT looks more likely to defy a near-term decline given the direction its momentum indicators are pointing.
Reading the convergence and divergence of the moving average shows bullish momentum, with the MACD line – the difference between the 12 and 26 period EMAs – surpassing its signal line for the first time since early July.
Bull Bear Power reinforces the picture, showing that the bulls have returned to the market with the strongest value since June 14. This strength suggests that buyers can defend current levels and hold prices above them for longer than current trading suggests.
Final summary
- The breakout of BEAT’s ascending triangle on the 4-hour chart projects a move toward $4, although resistance at $3.2 and $3.6 will stand in the way first.
- Liquidation clusters are denser below the spot than above, leaving BEAT exposed to a strong pullback once buying momentum wanes.
