BEFE Coin's Price Spikes by +20% – What's Driving this Momentum?
If you are looking for an undervalued and underrated asset to invest in, then this might just be the one. BEFE saw a stunning 20% spike around the frenzy of its presale.
BEFE has a small market cap of $45 million, but ever since its launch, it has shown consistent growth in daily trading volume. Early investors have seen a whopping 588% return. In fact, last week it even gave a 45% hike around its announcement of around 20 phases of presale on the Solana chain.
So let us look at what is driving its momentum currently:
Source: Bitget
What do the technical indicators tell about BEFE?
BEFE’s technical indicators are giving mixed vibes. But looking closely at it, we can see some exciting patterns building up.
1. The bullish divergence of MACD:
The MACD is currently showing a sell signal, but look closer. The MACD has recently crossed below the signal. Despite this, the price action hasn’t confirmed this downtrend. This is mainly because fear and greed play their part in pushing the price. This is a vital factor because:
BEFE is a meme coin and needs a high level of support
It reflects the high interest of its pre-sale
2. Neither overbought nor oversold:
BEFE’s RSI level is a comfortable 61.62, well below the overbought territory, which is typically above 70. This suggests there’s room for further price surges before a potential correction.
3. High ADX with Neutral Oscillators:
The ADX sits at 100, indicating a strong trend, but oscillators like Stochastic Oscillator (STOCH) and Stochastic RSI (STOCHRSI) are neutral. This shows that BEFE’s price lacks clear direction. However, the high ADX can also be because of the high buying pressure led by its presale frenzy.
What can you do next?
Knowing the trends of previous memecoin stalwarts, BEFE is on the right path. It also started with a humorous undertone and is now on the way of generating a huge loyal fanbase. However, there is one thing that sets BEFE apart from the other established coins. It is that BEFE gives utility to its users, and is also not just a meme coin. The team is constantly working on creating an entire DeFi ecosystem.
These are the biggest reasons why analysts have predicted that BEFE should reach over $0.01 mark very soon.
This technical analysis of BEFE clearly shows that it has a long way to go now. However, given the cryptocurrency market’s past events, you should proceed with this potential long-trade opportunity with caution.
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Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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