The U.S.-Iran ceasefire has ended, and hostilities have resumed. President Donald Trump stated the U.S. would be reinstating the blockade on Iranian ports, driving crude oil prices up on Monday, the 13th of July, and hurting stock markets.
The S&P 500 was down 49 points, and the Dow Jones Index was down 33 points, or 0.64% and 0.63% respectively, from their highs of the day.
A wave of Bitcoin [BTC] selling was spotted, and long positions were closed in the derivatives market. This leverage unwind has fueled the recent price reset and helped explain why crypto was down for the day.
Audiera [BEAT] was up 0.74% in the past 24 hours, but its daily trading volume has nearly halved from the previous day.
Recently, AMBCrypto reported that the $824 million market capitalization altcoin was able to rally 18% on high trading volume, even after a release of 21.25 million BEAT tokens. This represented 7.3% of the circulating supply.
Can organic demand drive BEAT prices higher?
The swing structure remained bullish, but the $3.0-$3.20 area has become a local supply zone. The momentum was bearish on the 1-day timeframe, the Awesome Oscillator warned.
If BEAT can make higher lows in the coming days, it would signal that buyers were convinced of further gains. Such demand might be able to push prices past $3.20.
However, for this scenario to play out, BEAT needs to attract more capital towards itself.
Traders’ call to action- Caution
The news of the 792,210 BEAT burn on July 13 can buoy market participant confidence. Yet, the rally to $11.5 also coincided with public allegations that the Dance to Earn token showed onchain similarities to LAB and RIVER.
From June 12 to 18, BEAT underwent an 87% correction, falling from $11.57 to $1.459. The visual analytics platform posted that they had no conclusive evidence tying BEAT to LAB and RIVER. Still, investor caution is warranted.
Final Summary
- BEAT saw short-term upward momentum, and the weekly BEAT burns can help fuel a recovery.
- Allegations of price manipulation and overinflated fully diluted value, or FDV, have not gone away.