BeraChain (BERA) Price Resists Falling Below $6 — Bear Flag Threatens Extended Rebound

Key Takeaways

• Following a 28% correction, BERA’s price stood against dropping below $6.
• A bear flag accompanied by a negative MACD shows that the upswing could be halted.
• BERA’s price trades are below the key EMAs, indicating that a further decline could occur.
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One day after the Berachain Mainnet launch, the BERA coin price rallied to a peak of $15—specifically on Feb. 6. Since then, the cryptocurrency has fallen by 54%, in line with the broader market decline.

However, the altcoin has made moves to climb toward that peak in the last 24 hours. While BERA has held the $6 support, this analysis shows a technical pattern that could shut down the recent uptrend and delay any hopes for a recovery back to $15.

BERA’s Bearish Pattern Blocks Recovery

Between March 2 and 5, the BERA coin price plunged by 28%, falling from $8.60 to $6.28. Initially, the token showed readiness to drop below the $6 support.

But bulls came into the picture, ensuring the correction did not extend beyond the swing low. However., this brief recovery has led to the formation of a bear flag on the BERA/USD daily chart.

The bear flag is a pattern seen during a downtrend, signaling a brief pause before the bearish move continues. It starts with a sharp decline, known as the flagpole, driven by heightened selling pressure.

Following this drop, a consolidation period forms a rectangular flag, where price action narrows and temporarily halts the downtrend. The flag slopes against the previous sharp decline, reinforcing the bearish outlook.

Amid this technical pattern, the Moving Average Convergence Divergence (MACD) remains in the negative region. The MACD measures momentum, with positive values indicating a bullish trend.

Thus, the current negative rating indicates that the momentum around BERA is bearish. If this continues, the BERA coin price will unlikely inch toward the $8.60 peak.

BERA Price Analysis: Another Decline Imminent

The 2-hour timeframe also seems to present a similar outlook. As seen below, the exponential moving average (EMA) is one of the indicators that supports the anticipated bearish reversal.

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A rising EMA supports price action, acting as a floor for the price. A falling EMA, on the other hand, acts as resistance, pushing the price down. As of this writing, the BERA coin price has fallen below the 20 EMA (blue).

The 50 EMA (yellow) is also below it, indicating that the token has faced resistance and it could recent all of the recent gains. If this trend remains the same, BERA could drop below the 0.236 Fibonacci retracement level at $6.49.

If validated, the next target for the cryptocurrency’s value to reach could be around $5.66.

Meanwhile, this trend could change if BERA’s price rises above the 0.382 support floor. In that case, BERA could rise toward $7.83.