- Berachain’s price climbed to $0.45 after a 17% rally.
- BERA’s 24-hour trading volume exploded by over 731%.
Is the 6% jump in the market a short-lived bullish correction? The bearish waves across the crypto assets have resulted in severe losses over the last few days. At press time, most of the assets are charted in green, attempting to regain the long-lost momentum. Among the altcoins, Berachain (BERA) followed the bullish path, posting a 17.81% increase in value.
In the morning hours, the asset traded on the downside, at around $0.3819. With the potent entry of bulls, the BERA price mounted toward a peak of $0.6133, testing and breaking through the crucial resistance ranges between $0.39 and $0.60. At the time of writing, Berachain trades in the $0.4507 zone, with its 24-hour trading volume exploding by over 731% to $321.97 million.
If the Berachain bulls gained more traction, the price could climb to the $0.4631 resistance. Upon continuous pressure on the upside taking place, the golden cross might emerge, sending the price to $0.4758, triggering a strong bullish move.
Assuming a stall of the bullish trend, the bears would take control, and the BERA price might slip to a support at $0.4403. The death cross could form if the downside correction intensifies, which leads the asset’s price to fall further below $0.4329.
Are Berachain’s Indicators About to Flip Completely Bullish?
Berachain’s Moving Average Convergence Divergence (MACD) being briefly below the zero line and trying to move up indicates that the bearish momentum is weakening, and a potential shift to the bullish side may start. As the signal line is settled below zero, the market is in the broader negative zone.
Additionally, the Chaikin Money Flow (CMF) indicator located at -0.38 suggests strong selling pressure in the BERA market. The money flow is clearly leaving the asset, showing that the demand remains weak. For a bullish shift, it needs to turn positive, which may likely trigger a renewed buying interest.
BERA’s daily Relative Strength Index (RSI) at 59.76 points out a moderate bullish sentiment. It is not in the overbought territory, and leaves room for further upside. If it pushes above 60–65, the buying pressure gets stronger, while a drop below 50 could weaken the momentum.
Moreover, the Bull Bear Power (BBP) reading of 0.083 implies slight bullish pressure. As the bulls are marginally in control, the strength is weak and tentative, with the Berachain market lacking strong conviction. Notably, a rising value would confirm building bullish momentum.
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Source: https://thenewscrypto.com/berachain-bera-pops-17-and-turns-heads-can-it-spark-fresh-talk-of-a-0-65-breakout/
