ambcrypto.com
Audiera has continued its price recovery since it defended the $2.4 support level days ago. The altcoin extended the bullish streak, hitting a six-week high of $4.72.
With this price hike, the altcoin effectively cleared all July losses. In fact, as of this writing, Audiera was trading around $4.63, marking a 17.32% jump on the daily charts.
Over the same period, the market cap climbed 25% to $1.5 billion, indicating steady capital inflows.
Audiera extends bullish streak amid whale accumulation spree
Audiera [$BEAT] has been on a strong bullish streak, driven by sustained accumulation by whales. Since reclaiming $4, whales have consistently jumped and defended higher price levels.
On 30th July, Audiera whales purchased $25 million worth of $BEAT according to NTSchain. The same demand continued, and on the 31st, whales withdrew over 2.4 million $BEAT as OxInchain reported.
As August started, this whale demand has remained steady. According to Nazoku, a newly created wallet withdrew 500k $BEAT worth more than $2 million from Gate.
Such a sustained period of whale accumulation suggests that high-net-worth investors are bullish and actively pushing Audiera higher.
Furthermore, spot activity also echoes this whale accumulation spree. According to Coinglass data, Audiera Spot Netflow has remained negative for four consecutive days.
This period has coincided with strong upward movement on the $BEAT price charts. As of this writing, Spot Netflow was -$102k, indicating strong outflows.
Historically, increased exchange outflows have reduced supply, rising scarcity, which precedes gains on the price charts.
Interestingly, while whales are aggressively accumulating, retail investors remain unconvinced. Nazoku noted that retail traders are currently sitting on the sidelines and whales are solely driving the market.
Can $BEAT make more gains in the absence of retail demand?
Strengthened by whale demand, Audiera’s upside momentum looks very stable. For starters, looking at the altcoin’s Aroon Up, the line rose to 100% while the Aroon Down fell to 21%.
With the Aroon Up sitting at such elevated levels, it suggests the altcoin is continually closing at higher highs. Thus, the upward momentum is extremely strong.
At the same time, Audiera’s MACD has remained on an upward trajectory, currently at 0.39. Currently, these two indicators point towards the likelihood of the trend continuation.
Therefore, if demand from whales holds even without retail, Audiera could flip $5 and target $ 6.2. However, to keep this bullish outlook alive, Audiera must hold above $4.
Final Summary
- Audiera [$BEAT] surged 17%, to a six-week high of $4.7, clearing all July losses.
- Audiera has closed at higher highs, driven by sustained whale accumulation, as bulls eye a move above $5.