- In a most curious twist of fate, liquidity has gushed into Berachain like a summer rain, outpacing its peers.
- Yet, the market remains as sluggish as a sleepy cat, hinting at a potential upside that feels more like a mirage.
In the last 24 hours, Berachain [BERA] has taken a nosedive of 4.58%, as if it were auditioning for a tragic play. This decline continues its dramatic descent from the past week, during which the asset plummeted by 10.65%. 🎭
Such a price drop, dear reader, comes amidst a flood of liquidity into the chain. Yet, other market indicators suggest that sellers are having a field day, as if they were at a clearance sale.
Liquidity inflows fail to trigger a price surge
According to the oracle known as Artemis, massive liquidity inflows have graced Berachain over the past 24 hours.
During this time, a staggering $112.8 million worth of BERA was purchased, placing it ahead of Base, Solana [SOL], and Sei Network [SEI]. One might wonder if the investors are simply playing a game of musical chairs.
Typically, one would expect a grand price surge following such a liquidity influx. However, BERA seems to be stuck in a quagmire, with investors feeling as if they’ve stepped into a puddle of disappointment.
A glance at the Total Value Locked (TVL) reveals that investors are beginning to sell their locked or deposited BERA across protocols on Berachain. It’s as if they’ve decided to cash in their chips and leave the table.
This trend began on the 6th of March, when TVL stood at a robust $3.495 billion. As of now, it has dwindled to $3.187 billion, meaning $308 million worth of BERA has flooded the market, adding to the downward pressure. Quite the spectacle, isn’t it?
Selling pressure grows across spot and derivatives markets
The selling pressure isn’t confined to DeFi protocols—traders are also partaking in the great sell-off in both the spot and futures markets.
Coinglass exchange netflow data reveals that after five consecutive days of buying from spot traders, this merry band has begun to sell BERA. It seems the party is over, folks!
As of now, $81,570 worth of the asset has been sold—a figure likely to rise as other market segments join the exodus. 🏃♂️💨
Derivative traders are also picking up the pace, as if they were in a race to the bottom.
According to AMBCrypto’s analysis, the Funding Rate—used to gauge market trends based on whether long or short traders are paying the premium—indicates that short traders are in the driver’s seat, with a reading of -0.0834. It’s a short seller’s paradise!
In layman’s terms, there are likely more short contracts in the market than longs. And those holding short contracts are paying a periodic fee to maintain their positions. A delightful irony, wouldn’t you say?
Such events indicate a bearish sentiment, which tends to weigh heavily on price action, much like a lead balloon.
Is there still hope for a price rebound?
While the market remains broadly bearish, there are faint glimmers of potential recovery, like a candle flickering in the wind.
A closer look at BERA’s 4-hour chart reveals that the asset has bounced perfectly from a key support level at $5.538, forming three consecutive bullish candles. A miracle, perhaps? 🔮
If bearish momentum slows and this support level acts as a catalyst, BERA has two potential target levels: first at $7.20, where the asset would gain 30%, and then at $8.89, representing a 60% increase. A veritable feast for the optimistic
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2025-03-12 07:07