Beercoin, a new meme coin on the Solana ecosystem, debuted on May 29th.
Within eight days, its price surged by over 600%, hitting an all-time high before undergoing a correction due to profit booking.
On June 5th, $BEER coin reached another all-time high but then faced profit booking, causing a drop toward the 50% Fibonacci retracement level.
Support from bulls emerged, leading to a price recovery that settled above the 78.60% Fibonacci retracement level.
Parabolic growth is clearly visible on the hourly $BEER/USDT chart.
According to Coin Gabbar analysis, maintaining the price above $0.00050000 could lead to a new all-time high, potentially reaching $0.00090000.
Conversely, if bears drive the price below $0.00050000, the coin might retrace toward $0.00040000, followed by $0.00030000.
KEY LEVELS :
RESISTANCE LEVEL : $0.0007000-$0.0009100
SUPPORT LEVEL : $0.0004000-$0.0002700
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