Berachain debuted its mainnet with a successful airdrop on Feb. 6. While the price launched at $15, it quickly dropped to $7.68 and has fallen since, with many users lamenting their decision to launch at the beginning of the crypto bear market.
Nevertheless, the BERA price has regained its footing and bounced over 35% since its lows in March. With the price facing a key resistance at $7.20, all eyes are on whether it can break out above it.
The six-hour Berachain analysis shows the price has created a triple top pattern (red icons) at $9.20 since its launch. The triple top is a bearish pattern that often leads to bearish trend reversals.
After a 42% drop, BERA reached a low of $5.25, creating a higher low relative to the all-time low of Feb. 10 and an ascending support trend line.
However, the $7.20 horizontal resistance area rejected BERA (black circle), starting a downward movement.
Despite the rejection, technical indicators are still bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing. The RSI is above 50, while the MACD is above 0.
As a result, the daily time frame suggests an eventual breakout above $7.20 is likely.
BERA Price Breakout
The wave count shows that upward and downward movements have been three-wave structures since launch. This means the entire movement can be contained inside a symmetrical triangle, also aligning with the pattern of lower highs and higher lows.
If the count is accurate, the BERA price is currently in wave D of an A-B-C-D-E structure.
Wave D can end at the triangle’s resistance trend line at $8, triggering a breakout above the $7.20 horizontal resistance area. Afterward, wave E could end at the $7.20 area, validating it as support or drop to the triangle’s support trend line at $6.40.
However, since the triangle is a neutral pattern, it is unclear if the BERA price will ultimately break out or down from it.
The Berachain price has struggled since launch, creating a series of lower highs.
Nevertheless, the short-term outlook suggests a breakout from the $7.20 area is likely. Despite this positive prediction, the long-term trend is still unclear.
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.
