The Berachain token has recorded a 12.03% price increase, placing it in the second spot among the daily crypto top gainers at the time of writing. While there have been some contractions, the market remains largely promising. A more detailed study of the market’s price activity is provided below.
Berachain Statistics:
BERA Current Price: $7.53
Market Capitalization: $750.69M
Circulating Supply: 107.48M
Total Supply: 500M
CoinMarketCap Rank: 84
Key Price Levels:
Resistance: $8.00, $9.00, $10.00
Support: $7.00, $6.00, $5.00
BERA Sees a Trend Continuation
Trading activity in the Berachain daily market began near the psychological price level of $7.00. As the session progressed, buyers gained the needed traction and pushed the market higher. This resulted in the formation of the latest price candle on the chart, appearing above the newly visible 20-day Moving Average (MA) line.
Additionally, the Stochastic Relative Strength Index (RSI) lines are becoming more distinct. The lines of this indicator are also appearing more divergent, signaling growing bullish momentum.
Berachain Hits Rejection at the $8.00 Threshold
On the 4-hour chart, price action has moved past the 20-, 50-, and 100-day MA lines. However, in the previous session, the price tested the $8.00 mark before experiencing a pullback.
The ongoing session has since rebounded off this level, as seen in the latest bearish price candle on the chart. As a result, the Stochastic RSI lines are now moving sideways above the 90 mark, indicating that the market is overbought.
Despite this, price action remains above all the MA lines. Consequently, this market still has the potential to breach the $7.50 price level.
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