Direction
TBD
Published
October 21, 2024
Status
Token
BETA
Trigger
Chart Pattern
Type
Chart Analysis
Updated
About + Tokenomics
Token Name | Beta Finance |
Symbol | BETA |
CoinMarketCap Rank | 632 |
Market Cap | 37M |
Volume 24h | 1.95M |
Total Supply | 1B |
Circulating Supply | 860M |
Chart Analysis
BETA has been trading in a strong downtrend since March. The token delivered a disappointing performance except for a short-lived pump at the end of June.
As a result, BETA traded at an all-time low at the beginning of August. And even today, the token is only ~20% above its ATL.
Since July, BETA has entered a descending triangle pattern. Typically, this pattern indicates a trend continuation. Accordingly, a break to the downside seems likely.
However, given the current bullish market sentiment, there is a possibility of a break to the upside.
Technical Indicators
- MACD: Bullish 🟢
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: Price trades below EMAs 🔴
- ADX: 21, indicating no trend 🔴
Chart
Trade Setup
Bullish Setup
- Entry: Wait for the price to close above the downtrend line and confirm on the daily chart.
- Profit Target: Slightly below $0.06 (~30%).
- Stop Loss: Depending on the entry, slightly below the upper trendline.
Bearish Setup
- Entry: Wait for the price to close and confirm below the support at 0.04.
- Profit Target: ATL at 0.035 (~15%)
- Stop Loss: Slightly above the resistance.