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The BEERCOIN price is up 16% in the past 24 hours to trade for $0.0004306 as of 00:42 a.m. EST on trading volume that dipped 55%.
With this surge, the market capitalization of BEER has reached $400 million in just two weeks.
$BEER has reached a $400M market cap in just a couple of weeks 🤯
On the way to $1B? 👀 pic.twitter.com/2ZKWRTgr8b
— Gordon (@AltcoinGordon) June 6, 2024
Among the drivers for the rally was the project’s token-burning mechanism to reduce its circulating supply.
BEERCOIN Price Prediction
The BEERCOIN price is trading sideways on the hourly timeframe, trying to defend the 16% gains made in the past 24 hours. It is holding above support due to the 61% Fibonacci retracement level of $0.0004392, which means BEER has escaped the Fibonacci Golden Zone. With this, the gains could extend if the bulls show strength.
Based on the outlook of the technical indicators, bullish momentum continues to abound. To begin with, the Relative Strength Index (RSI) has moved above the mean level of 50, pointing to strong momentum. Likewise, the Moving Average Convergence Divergence (MACD) indicator is holding in positive territory. This adds credence to the bullish thesis.
Increased buying pressure above current levels could see the BEERCOIN price extend a neck higher to the 78.6% Fibonacci retracement level of $0.0004644. In a highly bullish case, BEER market value could extend a neck higher to reclaim the June 6 range high of $0.0004966.
Traders looking to take long positions on BEER should probably wait for the BEERCOIN price to record a decisive candlestick close above the 61.8% Fibonacci retracement level.
GeckoTerminal: BEER/USD 1-hour chart
Converse Case
On the other hand, with the MACD still below the signal line (orange band), bearish sentiment is still present in the BEER market. If the RSI drops below the mean level of 50, the BEERCOIN is likely to slip below the 50% Fibonacci placeholder before a possible pullback.
If the bulls fail to act after a possible move below the aforementioned $0.0004215 level, the downswing could extend toward the 38.2% Fibonacci retracement level of $0.0004037.
The dire case would be where the load-shedding exercise sends the BEERCOIN price to record a lower low below the bottom of the market range at $0.0003463. Then, the big-picture bullish outlook for the BEER price would be invalidated.
Meanwhile, new Solana meme coin SEAL is offering investors a last chance to buy before it lists. Crypto YouTuber LecksMoney encourages anyone interested to check out SEAL before it’s too late.
Promising Alternative To The BEERCOIN
SEAL is the native cryptocurrency and the powering token for the Sealana ecosystem. It is a new player in the Solana meme coin market that’s based on a lighthearted narrative centered on a seal trader.
Presenting a charming, chubby, degen seal that’s submerged into the Solana Sea, SEAL’s once sleek and agile body has given way to flab because of a sedentary trader’s lifestyle and a diet of tuna and chips.
#Sealana has got some big news for y'all today! 🦭🍻 After a long night of drinking, doin' American $SEAL things 🇺🇸 and blacking out! 😵 He woke up with some real mental clarity and made the call that the #Presale's gonna end on June 25th at 6 pm UTC! ⏰
You know what that… pic.twitter.com/va7W8abVjb
— Sealana (@Sealana_Token) June 6, 2024
Originally a purely Solana-based token, SEAL has expanded to become multichain, offering a BNB Chain version of $SEAL and enabling $SEAL purchases on Ethereum (ETH).
The multichain presence will also play a role in the planned airdrop for project participants. The tokens will be airdropped directly to presale buyers, regardless of whether they used SOL, ETH, or BNB, thus eliminating the need for manual claiming and the expense of paying gas fees.
If someone over takes you and flips you off!🖕Don’t pull your gun on them, just give them an Emotional Support $SEAL Beer! 🍻🦭 Never let anything distract you from your goal of Massive Gains, Lambos, and Freedom! 🇺🇸💰
Cheers to big wins and livin' the #Sealana dream! 🦭🚀… pic.twitter.com/eww6YolDkk
— Sealana (@Sealana_Token) June 3, 2024
The SEAL presale has raised more than $3 million and will close on June 25, at 6 PM UTC.
Buy SEAL tokens on the official website here before it closes.
Also Read:
- How to Buy Sealana – SEAL Presale Review
- Solana’s SEALANA ($SEAL) Is Bringing Back Meme Coin Greatness, Raises $300,000 In Opening Week
- Top 3 Presale Crypto Gems to Invest in Before May Ends – Dogeverse, Sealana, and 5th Scape
- Is Sealana the Next Big Solana-Based Meme Coin? – TodayTrader Presale Review
- Next Crypto to Explode: Unveiling the Potential Market Shaker of 2024
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