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The BeerCoin price price is up 15% in the past 24 hours to trade for $0.0001751 as of 05:33 a.m. EST on trading volume that soared by 50%.
The BeerCoin ecosystem launched its native token, BEER, on the Solana blockchain only a few days ago. Its debut was met with a steep downtrend before a strong recovery. A top-notch team from Germany leads the project.
The surge comes ahead of the BEER token being listed on BingX platform on Friday, May 31, with traders buying the news.
$BEER WILL BE LISTED ON @BingXOfficial TODAY AT 2 PM UTC 🍺📝 https://t.co/CKERbQ9um1
— beercoin (@beercoinmeme) May 31, 2024
The token is also listed on Gate.io exchange, where the same buy-the-news situation played out.
The meme coin took the internet by storm, with reports that at some point it was the most searched token on CoinGecko, the world’s largest independent crypto data aggregator. It was also trending on DEXView.
However, amid a lull in momentum, shown by the Relative Strength Index (RSI) being subdued, the uptrend remains limited in the short term.
BeerCoin Price Prediction
The BeerCoin price remains within the confines of the ascending parallel channel, increasing the odds for a further upside. As long as the bulls keep the BEERCOIN price within this governing pattern, BEER token holders would realize more gains.
A stable close above the $0.0001717 threshold would increase the odds for a further upside. A higher high above the intra-day high of the May 29 session of $0.0001852 would confirm the continuation of the uptrend. This could see the BeerCoin price ascend to the $0.0002000 psychological level.
The position of the Relative Strength Index (RSI) above the 50 threshold is a sign that the bulls have the advantage. The Moving Average Convergence Divergence (MACD) in positive territory also supports this supposition.
GeckoTerminal: BEER/USD 4-hour chart
Converse Case As The BeerCoin Price Displays An Inverse Hammer Candlestick
On the other hand, considering the subdued RSI, buyer momentum is easing. This leaves the BEERCOIN market at the risk of a takeover by the bears.
It is also worth mentioning that the BEER/USD trading pair on the four-hour chart has formed an inverted hammer candlestick. An inverted hammer candlestick has a small body at the bottom of the price range with a long upper wick (shadow).
The presence of an inverted hammer candlestick after an uptrend suggests that the bears have stepped in to push the price lower, indicating potential bearish momentum. The long upper wick signifies that bulls tried to push the price up significantly but were ultimately unsuccessful.
For an inverted hammer candlestick to be considered a strong bearish signal, it should ideally appear at the end of an uptrend. Traders often look for confirmation in the form of lower prices in the next candlestick or a bearish follow-through.
As such, traders looking to take short positions on the BEERCOIN should probably wait for the BEER price to record a candlestick close below $0.0001717. In a dire case, a fall below the $0.0001387 threshold would signify a change in market structure, effectively invalidating the bullish outlook.
Elsewhere, investors are pivoting to Solana meme coin rival SEAL, a new crypto ICO that some analysts say is capable of 1000% gains after launch. Crypto YouTuber Cilinix Crypto says traders should get into the token “on the ground floor.”
Promising Alternative To BeerCoin
SEAL powers the Sealana ecosystem, a character based on a chubby seal that is fully immersed in the Solana Sea. The character, once sleek and agile, is so absorbed in degen trades that he abandons the initial figure of his youth for a diet of chips and tinned tuna.
New Meme Crypto ‘Sealana’ Attracts Whales As Solana Price Recovers.
#SolanaMemecoin pic.twitter.com/zqP73U7Mk3— TechStory (@TechStoryin) May 5, 2024
With Solana meme coins passing as the choice investment in a speculative market, Sealana is thriving. It continues to attract more investors, best seen with its presale sales hurtling past $3 million.
The project’s integration with the Solana blockchain is a key advantage, leveraging Solana’s robust performance, low fees and rapidly expanding ecosystem.
Similar to the Slothana (SLOTH) presale, Sealana is a ‘Send SOL’ launch without a timer, stages, hard cap, or even a whitepaper. Because that means it could close at any time, now is the optimal moment to buy SEAL if you are interested.
Visit and buy SEAL tokens here for $0.022.
Also Read:
- How to Buy Sealana – SEAL Presale Review
- Sealana Price Prediction – SEAL Price Potential in 2024
- 5 Must-Watch Meme Coins for 10X Potential – Best Cryptocurrencies to Buy Now
- Best Meme Coins to Invest in: Top Picks for Exponential Gains!
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