Berachain eyes resistance as RSI approaches overbought after 36% weekly surge

by

Crypto’s Wild Ride: Berachain’s Rollercoaster Week 🎢

Berachain eyes resistance as RSI approaches overbought after 36% weekly surge

Berachain has been on a tear, folks, gaining over 35% in the past week. I mean, who doesn’t love a good comeback story? 🎉 It’s like the cryptocurrency equivalent of a phoenix rising from the ashes (or in this case, a bear market).

As of press time, Berachain (BERA) is trading at $7.89, which is just a stone’s throw away from that pesky resistance level of $8.34. If it breaks through, we might see some serious gains, possibly even reaching the $10 psychological price. The relative strength index has climbed to 59, which is like the crypto equivalent of a ” Warning: Overbought Territory” sign. 🚨

Now, I know what you’re thinking: “Bill, what about the support levels?” Fear not, dear reader, for Bollinger Bands indicate that the price is tightening within a range, like a cat in a bathtub. 🐈 The 10-day and 20-day estimated moving averages are still pointing upwards, confirming the bullish trend. It’s like the crypto gods are smiling upon Berachain (or maybe it’s just a bunch of whales buying up the coins).

The moving average convergence/divergence indicator is still positive at 0.282, which is like a green light for continued momentum. However, the 24-hour trading volume has dipped 33% to $187.7 million, which is like a gentle reminder that the party might be winding down. 🎉

Berachain’s on-chain data is looking pretty rosy, if I do say so myself. The network’s total value locked has risen to $3.14 billion, which is close to its record high of $3.26 billion on Mar. 3, according to DefiLlama data. It’s like the whole crypto world is saying, “Hey, Berachain, you’re looking good!” 🤩

Between Mar. 23 and Mar. 25, the decentralized exchange trading volume increased from $36 million to $132 million. And get this: the network’s stablecoin market cap has reached a record high of $1.2 billion. It’s like Berachain is the crypto equivalent of a unicorn – rare and magical. 🦄

The latest rally follows the launch of Berachain’s proof-of-liquidity system on Mar. 24, which is like a new toy for the crypto kids to play with. POL allows users to earn rewards through new vaults distributing BGT emissions. Within hours, active incentives hit $355,000, with the top vault offering an APR of over 200%. It’s like a never-ending supply of crypto candy. 🍭

So, will Berachain break past $8.34 or will it trigger a pullback? The RSI’s next move will likely determine whether the rally continues or if profit-taking sets in. Stay tuned, folks, it’s going to be a wild ride! 🎢

Read More

2025-03-26 07:56