Understanding BEAT’s 2-day rally, driven by whales and an AI narrative

Audiera [$BEAT], an entertainment blockchain token, is among the top rebounding altcoins thanks to the trending AI narrative. $BEAT is up more than 13% in the past 24 hours. This rally is an extension of the previous day’s 22% surge, 35% total.

The double-digit rally in two consecutive days was driven by capital rotation into AI-themed tokens and whale activity.

$BEAT’s whales positioning

According to Arkham data, 11.423 million $BEAT tokens worth $6.58 million were withdrawn from the Gate exchange to 10 fresh addresses. Another 4.9 million $BEAT was transferred from Gate but was yet to be distributed.

The distribution left each of these wallets holding 0.1% of the chips to make the top 100 holders less concentrated.

However, a pre-control of more than 16 million $BEAT tokens raises concerns unless the team distributes the supply fairly among the community.

Source: Arkham

Additionally, derivative whales were pumping capital into the altcoin. Over the past month, the token delivered about a 75% buyer retention rate on BNB Smart Chain.

Of the 138 whales on Binance, 102 were in profit. Most of the accumulation occurred at around $0.58, with more than $1.129 million in unrealized gains.

$BEAT price gaining upward momentum

The price charts showed $BEAT was rebounding from the lows of around $0.19, levels the token launched at. The recovery began in late February following a two-month price movement above $0.18.

The rally of March that took $BEAT to $0.788 retraced by almost 90%, and bulls have since picked it up again. $BEAT is now bouncing off a rising trendline support with the most recent peak at $0.86.

The Money Flow Index (MFI) is in the overbought zone, suggesting bulls are buying. Furthermore, the Stochastic Momentum Index (SMI) indicates the buyers are gaining more momentum.

Source: $BEAT/USDT on TradingView

Therefore, $BEAT could be on a path toward reclaiming the $1 mark. However, the altcoin needs to stay above the trendline that has been in place since April.

Dense liquidity clusters form below

While $BEAT was trending higher, it was liquidating shorts, which accelerated the uptrend. However, after hitting $0.86, dense clusters of liquidity are forming below the current level of $0.75.

Using the liquidation heatmap data, the altcoin may drop to $0.65, where dense liquidity is located. The level also aligns with the trendline support. Other notable areas of interest were at $0.72, $0.70, and $0.68.

Source: CoinGlass

Still, $BEAT may tap into $0.78 and $0.81 levels, which were in close proximity to current prices before correcting.

Final Summary

$BEAT rallies 13% in 24 hours, extending its double-digit gains for two consecutive days this week.

$BEAT was showing signs of uptrend continuation, but dense liquidity clusters were forming below current levels, which suggests a potential correction.