Audiera [BEAT], an entertainment blockchain token, is among the top rebounding altcoins thanks to the trending AI narrative. BEAT is up more than 13% in the past 24 hours. This rally is an extension of the previous day’s 22% surge, 35% total.
The double-digit rally in two consecutive days was driven by capital rotation into AI-themed tokens and whale activity.
BEAT’s whales positioning
According to Arkham data, 11.423 million BEAT tokens worth $6.58 million were withdrawn from the Gate exchange to 10 fresh addresses. Another 4.9 million BEAT was transferred from Gate but was yet to be distributed.
The distribution left each of these wallets holding 0.1% of the chips to make the top 100 holders less concentrated.
However, a pre-control of more than 16 million BEAT tokens raises concerns unless the team distributes the supply fairly among the community.
Additionally, derivative whales were pumping capital into the altcoin. Over the past month, the token delivered about a 75% buyer retention rate on BNB Smart Chain.
Of the 138 whales on Binance, 102 were in profit. Most of the accumulation occurred at around $0.58, with more than $1.129 million in unrealized gains.
BEAT price gaining upward momentum
The price charts showed BEAT was rebounding from the lows of around $0.19, levels the token launched at. The recovery began in late February following a two-month price movement above $0.18.
The rally of March that took BEAT to $0.788 retraced by almost 90%, and bulls have since picked it up again. BEAT is now bouncing off a rising trendline support with the most recent peak at $0.86.
The Money Flow Index (MFI) is in the overbought zone, suggesting bulls are buying. Furthermore, the Stochastic Momentum Index (SMI) indicates the buyers are gaining more momentum.
Therefore, BEAT could be on a path toward reclaiming the $1 mark. However, the altcoin needs to stay above the trendline that has been in place since April.
Dense liquidity clusters form below
While BEAT was trending higher, it was liquidating shorts, which accelerated the uptrend. However, after hitting $0.86, dense clusters of liquidity are forming below the current level of $0.75.
Using the liquidation heatmap data, the altcoin may drop to $0.65, where dense liquidity is located. The level also aligns with the trendline support. Other notable areas of interest were at $0.72, $0.70, and $0.68.
Still, BEAT may tap into $0.78 and $0.81 levels, which were in close proximity to current prices before correcting.
Final Summary
- BEAT rallies 13% in 24 hours, extending its double-digit gains for two consecutive days this week.
- BEAT was showing signs of uptrend continuation, but dense liquidity clusters were forming below current levels, which suggests a potential correction.
