ambcrypto.com 
Audiera [$BEAT] has rallied 11.77% in the past 24 hours and was up 143.3% in a fortnight. The token was challenging the $1.45 resistance level, the same one that had rebuffed $BEAT bulls on the 24th of May.
The past 24 hours’ trading volume shot higher by 67%, and the Open Interest was up by just over 14%. Strong Spot and derivatives volume alongside swift price gains tend to indicate short-term strength.
AMBCrypto had reported that Audiera was a token to keep an eye on. So far, this has been spot on.
Is $BEAT ready to continue its uptrend?
Source: TradingView
The higher timeframe trend and structure were decidedly bearish. Yet, $BEAT has made an internal bullish structure shift after setting a high at $0.78 in March. This meant that there were two scenarios swing traders needed to be prepared for.
The more hopeful one would be a breakout past the $1.52 local high, which would signal a bullish continuation. This could reach the 50% retracement level at $2.31, and possibly even climb as high as $3.56.
The other scenario would be a $BEAT slump back below $1.16, which could take prices as far south as $0.53.
Source: TradingView
Traders can take it one step at a time. Zooming in, the price action showed a range formation from $0.96 to $1.43 over the past two weeks. The range high and the area up to $1.52 presented a sizeable short-term supply zone to $BEAT.
It could be difficult for the bulls to overcome this area.
Traders’ call to action- Respect the overhead supply
Source: CoinGlass
The 1-month liquidation heatmap showed a cluster of short liquidations from $1.35-$1.68. Some of these liquidations have already been triggered. There was more liquidity to the north, which can pull prices higher.
Source: CoinGlass
The cumulative short liquidation leverage was much higher overhead than it was to the south. This was another compelling reason to expect a short-term move toward $1.5-$1.6.
Yet, given the range established, a liquidity sweep may be followed by a rejection and a retracement to the $0.96 low.
Traders should expect the $1.52 supply zone to hold until $BEAT manages to close a day’s trading session above $1.6.
Final Summary
- $BEAT’s rally has lost some steam with its recent range formation.
- The cluster of short liquidations overhead could be targeted, but a $BEAT bullish breakout is not a guaranteed outcome.
