Berachain’s token, BERA, experienced a significant rally on Monday, reaching its highest level since March 3rd amidst a surge in its decentralized finance assets. The price of BERA surged to $7.45, marking a 42% increase from its lowest point this year and pushing its market cap over $795 million.
This rally was fueled by the momentum gained by Berachain’s decentralized finance ecosystem. DeFi LLama reported that the network’s total value locked reached a record high of $3.2 billion, a substantial increase from the year-to-date low of $770 million. Various decentralized applications within the Berachain network, such as Infrared Finance, have seen a significant influx of funds, with assets totaling over $2.13 billion, up by 38% from the previous month. Other key players in the ecosystem, including BEX, Beefy, Beradrome, Stride, and BurrBear, have also witnessed notable growth in their assets.
Additionally, the BERA token price saw a boost following the introduction of the Proof of Liquidity feature by developers. This new feature allows users to earn rewards through 37 new reward vaults, distributing BGT emissions across the ecosystem. Within hours of the launch, active incentives on the vaults website soared to $355,000, with the largest offering an annual percentage rate of approximately 215%.
On the price analysis front, the BERA token price rebounded from a low of $5.25 to a high of $7.8 on the three-hour chart. It surpassed the crucial resistance level at $7.08, indicating a bullish continuation pattern known as an ascending triangle. Currently, the price has reached the ultimate resistance at $7.8125, aligning with the Murrey Math Lines. The Relative Strength Index and Moving Average Convergence Divergence indicators are on the rise, suggesting a continued bullish trend with a potential target of $8.60. However, a drop below the support level at $7 could invalidate this bullish outlook.
In conclusion, Berachain’s token has seen a remarkable rally fueled by the growth in its decentralized finance ecosystem and the introduction of new features by developers. The price analysis indicates a bullish trend with key levels to watch for potential further upside. Investors and traders will be closely monitoring these developments as Berachain continues to make strides in the DeFi space.