After a surge in June, BEAT shares have almost entirely given back those gains. Foreign media believe that the current price has entered a key demand zone, and the market is beginning to show some bullish signals, bringing short-term price movements back into focus.
Prices return to key range
The article states that BEAT had surged by as much as 533% since early June, but subsequently fell back quickly, wiping out most of its gains for the month. According to the article, the current price has returned to the demand zone on the chart, an area that typically indicates a potential resurgence of buying pressure.
However, BEAT is currently trading sideways within this range, without an immediate and significant rebound. Foreign media outlets believe this movement may indicate that positions are still being accumulated, and the market has not yet chosen a direction.
Technical indicators are turning bullish.
From a technical perspective, the article mentions that the MACD has formed a bullish crossover, indicating an improvement in short-term momentum. If this signal continues, BEAT may have the potential for further rebound.
The article also mentions that if buying pressure continues to strengthen in the current area, the short-term target for BEAT could be $7.9. However, this pricing is based on chart analysis from foreign media and is not a confirmed trend.
Whale buying and contract divergence
On-chain and transaction data are also considered supporting factors. The article states that the difference in holdings between whales and retail investors has risen to a high level on the chart, indicating that large amounts of capital have been dominating the accumulation recently.
Meanwhile, the Binance perpetual contract market is showing signs of divergence. At the time of writing, short positions totaled approximately $123.63 million, higher than the $109.55 million held by long positions, indicating that a significant portion of traders in the market are still betting on further price declines.
- Short selling amounted to approximately $123.63 million.
- Long positions amount to approximately $109.55 million.
- The funding rate is 0.0138%.
However, the article also points out that, according to statistics on top Binance traders by account and position size, the overall trading volume is more biased towards buying, which is seen by foreign media as a bullish signal.
Funding rates remain positive
The article concludes by noting that the funding rate for BEAT perpetual contracts is 0.0138%, still in positive territory. This typically indicates that long positions are willing to pay the cost to maintain their holdings, and also reflects that market sentiment has not clearly turned bearish.
In summary, foreign media believe that after a significant pullback, BEAT is in a potential correction phase. Increased holdings by whales, improved technical indicators, and positive funding rates are the main supporting factors, but short positions still outnumber long positions, indicating that the short-term battle is not yet over.
