Hot new Layer-1 protocol Berachain (BERA) has seen its price rise over 10% in the last 24 hours, with its market cap having reached north of $830 million at the same time.
The spike in price for BERA comes after it printed a golden cross on the chart, signalling a bullish reversal of its previous downward trend. Per CoinGecko, the buying volume for BERA has exceeded its selling volume, another catalyst for the golden cross pattern.
Fibs go boing $BERA looks good here
See you at $10 pic.twitter.com/YvW4ViYA1y
— Moose🫎🐻⛓️ (@CryptMoose_) February 26, 2025
Relative Strength Index (RSI) Still Neutral, BERA Needs To Break Through $9 For Continuation
Despite its bullish momentum, BERA’s RSI remains in neutral territory. This isn’t particularly bearish, but until flipped positive, it does give cause for caution.
Per TradingView, Berachain’s RSI is currently at 47.5, up nearly 12 points from 35.9 just one day ago. This strongly indicates a significant increase in BERA’s buying momentum. RSI measures the speed and change of price movements, oscillating between 0 and 100.
Typically, an RSI above 70 tells us an asset is overbought and potentially due for a correction. On the other hand, RSI below 30 generally indicates that it is oversold and might be set for a bounce.
As a result, an RSI between 30 and 70 is considered neutral, reflecting a healthy balance between buying and selling pressure.
With RSI at 47.5 for Berachain, it remains right in the middle of that neutral territory. However, with its steady increase over the past few days, it would suggest a mounting bullish move.
( TRADINGVIEW )
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Multiple Catalysts From Berachain Helping To Sustain This Green Move Amid A Sea Of Red
BERA is currently trading at around $7.8. Its next resistance level is at $9.18, with support at $6.18. Ideally, a push toward $9 from here would ensure a continuation of this bullish move.
There are a number of key reasons for keeping this positive move for BERA going. Namely, there is a huge spike in total-value locked (TVL) for Berachain. Its ecosystem is growing daily, with new protocols spawning, mostly DeFi platforms offering healthy yields for staking and providing liquidity.
As a result, DefiLlama shows that Berachain’s TVL has spiked 118% in the last seven days, climbing to become the third-ranked network by TVL, only behind Ethereum and Solana.
At the same time, it just hit $1.74 billion TVL while processing over $1.4 billion in trading volume in the past 30 days. In these metrics, it is now above the likes of Base and BNB Smart Chain, which is quite a ludicrous feat considering its mainnet is just three weeks old today.
( DEFILLAMA )
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