Memecoins
Beercoin BEER analysis and forecast, is the new Memecoin worth buying
Solana’s low fees and processing speed have made it the ideal network for creating new cryptocurrencies, making it easier for meme coin creators.
A recent report revealed that nearly half a million (455,000) tokens have been created on the Solana blockchain. This is the highest for any blockchain to date. Solana the network seems to replicate the scenario of Ethereum ICO phase in 2017.
In the midst of all this, a new memecoin has been released on the Solana network, Beercoin (BEER) with a pre-sale collection of 30,000 SOL. BEER at the time of writing is $0.00044, up 163% in the weekly picture and 330% in a month and shows a bullish trend ahead.
BEER is a cryptocurrency to watch
There is not much chart data available to portray any historical performance, but parabolic growth can be seen on the 4-hour BEER/USDT chart. BEER has very low support at $0.00022, a 50% decline, resistance at $0.00046, and an upper level of $0.0005, its ATH.
The volume oscillator that moves along with the price is an indicator of the price movement based on the sentiment of both the buyer and the seller. But the Money Flow Index (MFI) at 79 shows that the asset could move into overbought territory.
Is it good to buy BEER now?
BEER is a meme coin, ready to follow the trend. Considering terms such as liquidity, listing scenario and general market trend, BEER can be a reference cryptocurrency.
Things to look for are the critical zone of $0.0003 and $0.0002, if the price is brought back to trade in this range, the direction is uncertain. Any rally above $0.00046 will create a sideways trading zone or jump to a new ATH.
Also check: Whale Alert: Huge Transactions Flow Into These Altcoins; Will they be able to overcome the accumulation?