The token for Berachain maintained its impressive upward trajectory on Monday, attaining its peak level since March 3 as its decentralized finance components gained traction.
The price of Berachain (BERA) soared to $7.45, representing a 42% increase from its lowest point this year. This rise has pushed its market capitalization to over $795 million.
This upward movement for Berachain coincided with a growing momentum in its decentralized finance ecosystem. According to recent data, the network’s total value locked reached an all-time high of $3.2 billion, a significant increase from the year’s low of $770 million.
Numerous decentralized applications within the Berachain ecosystem have been augmenting their funds over the past few months. Infrared Finance, a liquid staking platform, now holds over $2.13 billion in assets, reflecting a 38% increase since last month.
Other significant entities in the ecosystem, including BEX, Beefy, Beradrome, Stride, and BurrBear, have also added considerable assets.
The BERA token price also benefited from the total stablecoin market cap in the ecosystem exceeding $1 billion.
Moreover, the rise in BERA’s price can be attributed to the developers’ introduction of the Proof of Liquidity feature, allowing users to earn rewards. They rolled out 37 new reward vaults designed to distribute BGT emissions throughout the ecosystem. The vaults’ website revealed that active incentives surged to $355,000 just hours post-launch, with the most lucrative offering an annual percentage rate of around 215%.
Berachain Price Analysis
The three-hour chart illustrates that the BERA price has rebounded from this month’s low of $5.25 to a peak of $7.80. It has surpassed the critical resistance level of $7.08, found at the top of the ascending triangle pattern. Such a pattern is regarded as one of the most bullish continuation indicators in the market.
The price has approached the ultimate resistance level indicated by the Murrey Math Lines at $7.8125. Both the Relative Strength Index and the Moving Average Convergence Divergence indicators continue to rise. The bullish trend is expected to persist as buyers aim for the extreme target of $8.60. This level is particularly significant as it marks the highest swing on March 3. A drop below the support level at $7 would invalidate this positive outlook.