The BeerCoin price surged 62% in the past 24 hours to trade at $0.0004564 on a 220% trading volume surge to $359 million.
BEER has also seen a remarkable 210% increase in the past week, boosting its market capitalization to $401 million.
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This surge in BeerCoin’s value is primarily driven by the buzz around the BEER ecosystem’s NFT retro drop, which is now officially listed and verified on Magic Eden.
$BEER is really crazy,the price is all way up after launch.
Is there any limit of it? I think maybe not.@beercoinmeme 是疯狂的，完全看不到价格的极限的哪里🚀🚀🚀
CA:AujTJJ7aMS8LDo3bFzoyXDwT3jBALUbu4VZhzZdTZLmG pic.twitter.com/PJRZo6MXcf
— 中国加密宝石-Chinese Crypto Gem (@ChineseGem) June 5, 2024
Additionally, BeerCoin’s recent listing on the BitPanda trading platform has further fueled this upward trend. According to CoinGecko data, these factors have contributed to a 130% rise in BeerCoin’s price over the past week.
The BeerCoin ecosystem launched its native token, BEER, on the Solana blockchain only a few days ago. Its debut was met with a steep downtrend before a strong recovery. A top-notch team from Germany leads the project.
The token is also available for trading on the Gate.io exchange, where a similar “buy-the-news” scenario unfolded.
This meme coin gained significant attention across the internet. Reports indicate that it became one of the most searched tokens on CoinGecko, the world’s largest independent cryptocurrency data aggregator. Additionally, it was trending on DEXView.
BeerCoin Price Explodes In a Parabolic Curve
The BeerCoin price is still trading along the parabolic curve, which boosts the likelihood of further upward movement. As long as the bulls can maintain the BEERCOIN price within this pattern, holders of BEER tokens stand to gain even more.
With this breakout, it recorded a new peak of $0.0006108, with prospects for more gains amid ongoing buying pressure.
BEERUSDT. Source: Tradingview
However, the price slightly retraced as the sellers tried to short the bulls to recover some of the lost profits.
The higher lows on the Relative Strength Index (RSI) suggest strong and growing buying pressure. The RSI indicates a bounce back from the 50 midline level to 88 in the overbought zone. Despite the short reversal, the RSI remains above the 50 midline level.
The Moving Average Convergence Divergence (MACD) blue average line is also well above the orange band of the signal line, reinforcing the bullish thesis. The histogram bars have also turned green, indicating intense buying pressure for the
Beercoin Price prediction
It’s worth noting that BEER is already heavily overbought, with the RSI sitting at 88. This suggests that a potential pullback could be on the horizon. However, according to Welles Wilder’s RSI interpretation, it’s typically considered a sell signal only when the RSI drops below the 70 mark.
So, until that happens, it might be wise for traders to keep their orders open, except for those who are looking to enter new positions in BEER. For them, it’s essential to proceed with caution as a correction could be on the cards.
That said, it’s important to highlight that the bullish outlook for the BEER token would only be invalidated if there’s a candlestick close below $0.0000153. Such a move would signify a significant drop of nearly 96% from current levels.
However, if the bears regain control of the market and sellers start gaining momentum, BeerCoin’s price might dip.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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