Can BERA reach 3 USD?

The price volatility of Berachain (BERA) has surpassed the nearest lower peak on the daily chart, indicating a potential trend reversal. The data also shows a very large trading volume – this could be a key factor driving this bullish phase.

From a technical analysis perspective, if the price maintains the breakout zone above the 2 USD mark, BERA could definitely aim for the 3 USD threshold. However, to achieve this, this altcoin needs to reclaim the 2.5 USD area as a solid support zone.

BERA Price Chart | Source: CoinMarketCapIf the bullish momentum continues, BERA could reach as far as the 3.5 USD mark – a milestone that will pave the way towards 4.5 USD. The last time the price hit the 4.5 USD mark was at the beginning of April and mid-May this year.

Conversely, if the current price level cannot be maintained – especially when the volume of sales increases sharply or buying pressure weakens – the price may reverse back to a bearish trend.

But aside from the technical factors, what is the real driving force behind this increase?

What is driving the bullish momentum?

In the past 24 hours, the number of transactions on the network has increased by 15.79%, reaching 1.173 million – reinforcing the bullish trend as the increase in transaction volume often reflects higher user participation.

In addition, the number of new wallets and the total number of active addresses have also increased, along with the number of verified smart contracts. However, the growth rate of these factors is still lower than the growth rate of transactions.

A notable point is that the number of unique wallet addresses has reached an all-time high of 5.5 million, after maintaining a stable trend since the beginning of February. Specifically, on the day, there were an additional 1,555 new addresses – a remarkable number, as most of these are associated with communication support nodes on the Berachain blockchain.

Source: BeraScanTotal gas usage has also increased by 1%, reflecting the rising on-chain activity, as a higher number of transactions leads to higher gas fees. This confirms that BERA is handling a significantly larger volume of transactions compared to previous months.

In addition, data from CryptoQuant shows that both whales in the futures and spot markets are placing high expectations on the next bullish trend. The chart shows that whales have started to accumulate BERA again despite the price having continuously declined since February.

Source: CryptoQuantIn addition to the buying power from whales, the CVD (Cumulative Volume Delta) on the spot market also shows that the bullish trend is prevailing. However, the CVD on the derivatives market remains neutral, indicating that BERA currently does not have a clear direction on futures exchanges.

Nevertheless, for BERA to maintain this bullish trend in the long term, the cryptocurrency market as a whole also needs to reach a consensus and support the trend.

Itadori