AMBCrypto earlier reported that Audiera [BEAT] crashed 24% to a low of $2.4 amid intense sell pressure. Interestingly, the downward trend proved short-lived, as the altcoin made a strong comeback.
BEAT rebounded from the $2.4 slip, touching a local high of $3.65. As of this writing, the altcoin was trading around $3.63, up 22% on the daily charts.
At the same time, its market cap rose 15% to $1.12 billion, flipping both Worldoin [WLD] and Ethereum Classic [ETC], signaling a significant capital inflow. However, altcoin’s trading volume dropped 20%, indicating reduced market activity.
Audiera rebounds driven by fresh whale demand.
After BEAT dropped below $3, high-net-worth investors returned with strength to accumulate.
According to Nazoku, a new wallet withdrew 500k BEAT worth $1.36 million from Gate. The on-chain monitor reported that the whale return signaled seller exhaustion.
At the same time, Alastar observed a major directional flip among major traders. The on-chain monitor noted large withdrawals from exchanges, totaling $4.1 million from Gate and $1 million from MEXC.
Just days ago, BEAT tokens were flowing into exchanges. This flip signals a change in sentiment. Often, whales’ comebacks during periods of market weakness have preceded major price swings to the upside.
The market delta confirms this shift.
According to Coinark data, the market delta turned positive after falling into the negative zone the day before.
At press time, the Delta was 12.2k, suggesting strong buying pressure. When demand outweighs supply in the short term, prices tend to move higher, especially if demand is sustained.
$81 million in token unlocks raises major concerns
Although Audiera made a major trend reversal, it faces a major risk. This is because BEAT leads the market with the upcoming unlocks.
According to CoinGlass data, Audiera will unlock 21.25 million BEAT, worth 81.66 million, on 1st August.
The token unlock will significantly increase supply, thus potentially raising selling pressure. Historically, major token unlocks have preceded price crashes, and BEAT faces the same risk.
What do momentum indicators say?
Strengthened by renewed whale demand, the Audiera’s upward momentum remains relatively strong. In fact, the altcoin’s MACD has held in an upward trajectory, hiking to 0.19.
At the same time, the Relative Strength Index (RSI) climbed to 60, further confirming the trend’s strengths. With these two rising, Audiera seems well-positioned to make further gains.
Therefore, if buying pressure holds, especially from whales, BEAT will flip to $4. However, if holders panic over upcoming unlocks, $3 may fail to hold.
Final Summary
- Audiera rebounded from a $2.4 slip, surging 22% to a local high of $3.65 as whales returned to defend key price levels.
- Audiera leads weekly crypto unlocks, with 21.25 million BEAT, worth 81.66 million, set to be unlocked on the 1st of August.
