Beercoin Price Surged By 30% In Intraday; All-time High Soon?

• The volume has slipped by 46% in the past 24 hours.
• The Beercoin price has surged by 194% this month, indicating bullish domination.

The Beercoin price has developed a significant support level of $0.000400 for a week. After a strong bullish momentum, the price has consolidated between the narrow range of $0.000500 and $0.000400 levels.

The technical chart shows that the BEER price has made three attempts but failed to sustain the $0.000550 mark. It has triggered a pullback in the short term and shown bulls’ interest.

At the beginning of June, the Beercoin crypto price exceeded the $0.000200 hurdle and skyrocketed by 135%. The digital asset price has halted just below the $0.000500, but the exciting thing is that it has defended the $0.000400 level.

Technical Analysis of Beercoin Price Over 4-H Timeframe

At the time of writing, the BEER crypto price traded at $0.000461, up by 8.81% in the past 24 hours. The market capitalization is $253.39 Million, and the 24-hour trading volume is $117.48 Million.

In a 4-H time frame, the Beercoin price has taken support on the $0.000400 mark and gained approximately 25%. The price has formed a hammer candlestick on the major support level. The price may extend to the $0.000550 mark if trading volume supports.

On the other hand, if the price slips below the $0.000400 level and sustains, the sellers may show interest. The price below the $0.000300 level might attract sellers and eye for the $0.000200 hurdle.

Turning to the technical indicators, the RSI is 51 and about to trigger a bullish crossover with the RSI-based moving average. The price has surpassed the 20-day EMA. Essentially, the technical indicators support the bullish forecast.

Will Beer Price Skyrocket After Pullback?

The BEER price has witnessed intense buying pressure on a daily time frame and reached an all-time high. Suppose the candlestick closes over the $0.000550 mark on a daily time frame, then buying can be expected and approach a new all-time high.

The hurdle of $0.000400 is a buying zone, so the price below this level might hit stop losses for buyers, which may lead to strong selling pressure. An intense selling pressure can be seen if the price triggers a breakout from the $$0.000600 mark and dumps.

Conclusion

Based on the technical analysis, the Beercoin price has been in a solid bullish trend and near an all-time high. It has struggled in a tight zone of $0.000400 and $0.000500. It has triggered a pullback in the short term on a daily time frame. The BEER price below the $0.000400 is a sign of a bearish forecast and may outperform over the $0.000600 level. 

Technical Levels

According to the chart structure, the Beercoin price is expected to take support at the $0.000400 and $0.00020 levels. Alternatively, the price may face resistance from the $0.000550 and an imaginary resistance line would be the $0.000700 mark

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.