Bera has gained 30 %in the last 24 hours and compensated for its losses at the beginning of February to a great extent. While investors meet this rise positively, some indicators indicate that Altcoin may face difficulties in the rise trend.
The current market situation prevents the rise of bera
Despite the rapid recovery of the price of the bera, the negative of financing rates shows that the expectation of a decrease in the market outweighs. Most investors open a short (short) position, predicting that Bera will lose value.
This shows that the price increase between investors is insecure in terms of sustainability. Increased short positions can increase sales pressure on the bera and cause the price to regress.
From a technical point of view, Bera’s price movement brings some risks. The relative power index (RSI) increased above 70 and entered the extreme purchase zone. Historically, this level is seen as the beginning of price corrections.
If the RSI continues to remain in the oversight zone, the price will be likely to withdraw due to profit realization and increased sales pressure. Although the market trend is positive for the time being, Bera may lose momentum if there is not enough support from the buyers.
Can Beracoin make a new peak?
Bera is currently trading at $ 8.13. He’s trying to break the resistance of $ 8.72. At the same time, the 7.71 level stands out as a strong support point. If this level is maintained, the possibility of the rise will be strengthened.
However, the current market conditions show that the decline tendency may continue. Negative funding rates and RSI, which entered the extreme purchase zone, indicate that Bera may have difficulty maintaining the rise. If it is below 7.71, the price is estimated to decrease to 7.07 and even 6.24 levels.
On the other hand, if the general market conditions remain positive, the Bera can exceed the resistance of 8.72 and test 9.23, the highest level of all time. In this scenario, the expectation of decline will be invalid and the intense support from the buyers can carry Bera to new peaks.
Kriptokoin.comAs we mentioned, Beracoin announced the new token economic model in early February. This announcement had a positive impact on the price.
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