Berachain launched its mainnet on Feb. 6, unveiling its Token Generation Event (TGE) and airdrop. The community had no issues with the airdrop, which allocated roughly 50% of its total for them.
BERA was launched on several well-known exchanges, such as Binance and Coinbase. The price opened at $15 but fell sharply afterward, causing roughly $25 million in long liquidations.
However, the price broke out from it on Feb. 20, reaching a high of $9.18 the next day.
The high validated the 0.382 Fibonacci retracement resistance level and a horizontal resistance area at $8.90. This now acts as the main barrier to the BERA price movement.
Because of the breakout from the channel, the wave count suggests the increase is impulsive.
More specifically, it shows an extended third wave in a five-wave increase (green). The sub-wave count is in black.
If the count is accurate, the BERA price will break out from the $8.90 resistance area in wave three before validating it as support in wave four.
Then, the fifth and final wave could take the BERA price toward its all-time high of $15.52.
Conversely, failure to break out from $8.90 will put this count at risk, suggesting that the increase is corrective instead. If that happens, a new BERA all-time low will be on the cards.
Breakout Likely
The BERA price has mounted a recovery in the last ten days, breaking out from a corrective pattern.
A daily close above $8.90 could set the stage for an accelerated rally that might lead to a new all-time high.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
