February 14 News, Berachain (BERA) has recently experienced a pause in its strong upward momentum. After soaring over 315%, the price has declined for two consecutive days and is currently facing strong downward pressure. As of press time, BERA’s market cap has dropped more than 18% in the past 24 hours, with the trading price approaching $0.655.
From a technical perspective, BERA has lost the key support level of $0.706. If it fails to regain this level, its price could further decline by 45%, potentially reaching $0.35. On the daily chart, BERA shows a strong downtrend, with the ADX indicator rising to 33.65, indicating a strong directional trend.
Additionally, on-chain analysis data shows that Berachain’s total value locked (TVL) and on-chain trading volume have both decreased, indicating weakening market sentiment and reduced user activity. Data from DeFiLlama also reveals a significant decline in decentralized exchange (DEX) trading volume, further intensifying bearish market sentiment.
It is worth noting that BERA’s derivatives market also reflects complex investor sentiment. Some traders have established strong short positions near $0.708, indicating a bearish outlook on future price movements. However, other traders have opened long positions around $0.64, expecting this level to serve as a strong support zone.
Overall, BERA’s market sentiment is complex, and it may face significant downside pressure in the short term. Only a break above the key resistance level of $0.777 could potentially trigger a rebound. Currently, investors should watch whether the support at $0.64 can hold the market. (AMBCrypto)
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