Berachain (BERA) has been quite the rollercoaster on the hourly chart lately! We’ve seen some exciting moves with BERA pushing to new highs, only to be followed by quick pullbacks. After hitting a high point above $9, the price took a tumble, dipping below $6 before buyers stepped in and pushed it back up. Currently, BERA is hovering around $6.68, and everyone’s asking the same question: will BERA break through that $7 barrier and kick off a new bullish wave, or are we heading for another dip?

Let’s break down what’s happening with BERA. In this analysis, we’ll explore key support and resistance levels, take a look at technical indicators, and discuss potential price targets in the near future.

Berachain Price Prediction: Is BERA Gathering Momentum for a Bullish Breakout?

As you can see from the chart, Berachain’s price action has shown what looks like a V-shaped recovery after it tested a support level around $6. This kind of bounce often indicates that buyers are keen to jump in when prices drop. However, even with this positive move, BERA is now bumping up against resistance at $7. It’s interesting to note that this $7 level had previously acted as a support before it was breached downwards.

Now, if the bulls can muster enough strength to push BERA decisively above $7, we could see the price aiming for the next range of $7.50-$8. We should expect to see sellers potentially stepping in around those higher levels. On the flip side, if BERA can’t break through the $7 mark, we might see it pull back and test that $6 support zone once again.

What’s the RSI Saying About BERA’s Momentum?

Let’s check the Relative Strength Index (RSI). Currently, it’s sitting at 45, which puts BERA in a sort of neutral zone – not signaling overbought or oversold conditions. We did see the RSI dip into oversold territory recently, and that was followed by that strong upward bounce we saw in the price. However, the RSI is starting to edge downwards again, and this might be a sign that the bullish momentum is losing some steam.

What would it take to signal a confirmed bullish trend according to the RSI? We’d need to see the RSI climb above the 55-60 level and stay there. Conversely, if the RSI drops below 40, that could be a warning sign of renewed selling pressure, potentially leading to another downward move in price.

What Are the Critical Support and Resistance Levels to Watch?

Right now, Berachain is trading within a range defined by strong support between $6.00-$6.20 and immediate resistance at $7.00. If we see a clear breakout above $7.00, that could propel BERA towards the $7.50-$8.00 area. On the other hand, if the price breaks down below $6.00, we could see a further drop potentially towards $5.50 or even lower.

For those traders focused on the short-term, these levels are going to be really important in figuring out the next direction. If BERA hangs around and consolidates in the $6.50-$7.00 range, keep an eye out for either a breakout upwards or a breakdown downwards – either of those could signal the start of the next trend.

Berachain Price Prediction: Could BERA Reach Back to Its Previous Highs?

To even think about BERA revisiting its previous highs near $9.00, a few things need to happen. First, it absolutely needs to hold firmly above $7.00 and build up some serious buying momentum. If we see Bitcoin and the broader crypto market turn bullish, that could give BERA the tailwind it needs to make a run for new highs. However, if the overall market sentiment weakens, BERA might just continue trading in this range, or even potentially see further downside.

If we witness a solid breakout above $8.00, that would be a strong indication that the bulls are really taking charge, and we could then look towards $9.00-$9.50 as the next potential targets. Conversely, if BERA fails to stay above $6.00, that might set off a deeper decline, perhaps towards $5.50-$5.00. It’s in those lower zones where we might see long-term investors starting to accumulate.

Final Thoughts: Is BERA Looking Like a Buy Right Now?

So, where does this leave us? BERA is really at a critical juncture, caught between solid support at $6.00 and immediate resistance at $7.00. A break above $7.00 could very well signal a continuation of the bullish momentum, while a failure to hold above $6.00 might open the door for further bearish movement.

For traders aiming for short-term gains, it might be wise to wait for a clear breakout above that $7.00 level before making a move. On the other hand, for those with a longer-term view, the $6.00 area could be interesting for accumulating, given its history as a strong support level.