Audiera [BEAT] is down by more than 28% in the past 24 hours, bringing the weekly drawdown to more than 55%. The altcoin traded even below July’s low of $2.07.
Despite the altcoin’s large market cap of over $570 million, its daily trading volume was below $35 million. Apart from technical breakdowns below key support levels, on-chain metrics are also showing a sharp decline in activity.
Transaction count and returning traders fall sharply
The number of transactions defines how much a blockchain is utilized.
In this case, Audiera’s usage was falling, with its transaction count down from 110.665K to 63.07K. This was equivalent to about a 50% loss in trading activity.
On top of that, the number of returning traders reversed its July uptrend. As per data from Dune Analytics, this metric fell from 2,303 to 1,215 as the month of August began.
Interestingly, the number of unique buyers continued to grow amidst a declining market. However, its value of 1,502 was slightly below its July peak of 1,740.
That is not all there is. More bearish pressure was evident in the Open Interest (OI). The OI dropped from $111.34 million to around $58.68 million, indicating traders were losing interest in the token.
Furthermore, long liquidations were five times larger than those of short orders. Since these orders were leveraged, they amplified the crash, with OKX, Binance, and Gate accounting for the largest liquidations.
BEAT price breaks KEY support levels
The daily price action chart reinforced this weakness. BEAT has lost three support levels set by moving average (MA), that is, the 20, 50, and 100 SMAs. However, the altcoin was trading above the long-term support created by the 200 SMA.
On top of losing these levels, BEAT broke below a slanting trendline that had held price since February. The breakdown occurred at $2.60 as capital outflows surged.
In fact, the Chaikin Money Flow (CMF) has plummeted from 0.13 to negative territory at 0.11. These developments pointed out that BEAT may be headed toward $1 or lower.
Notably, BEAT’s support level at $1.50 halted the sharp decline experienced in mid-June. However, if bulls fail to return at this level, it would expose the $1 demand level or even go deeper to the $0.50-$0.60 zone.
Final Summary
- Audiera crashed by more than 28% in a day as BEAT’s transaction count declined by about 50% in the first week of August.
- BEAT’s price lost key support levels as capital outflows surged, hinting at further breakdown if bulls do not return.
