BERA Tanks as Berachain Activity Dries Up—Another ’Stable’ Coin Bites the Dust?

Berachain’s native token BERA just got rug-pulled by reality—transactions and stablecoin volumes are in freefall. Guess the ’web3 supercycle’ forgot to check the charts.

Here’s the autopsy: Network activity flatlined, ’stable’ assets proved anything but, and now traders are left holding the bag. Classic crypto.

Silver lining? At least the crash was faster than a VC dumping their seed round tokens. That’s efficiency, folks.

Worse, Berachain has had outflows of US dollars into its ecosystem for all days since March 27. The total value locked in its platform has dropped by 50% in the last 30 days to $2.92 billion. 

These figures indicate that Berachain is rapidly losing traction, marking one of the steepest downfalls in the crypto industry this year.

BERA price technical analysis

Berachain has been in a strong downtrend since hitting its post-airdrop high of $9.1823 on March 2.

The eight-hour chart shows that BERA price is hovering NEAR its all-time low of $2.70, forming a double-bottom pattern. A double bottom is one of the most bullish reversal signs in technical analysis.

However, BERA remains below its 50-period and 100-period moving averages. While the double-bottom pattern may suggest a potential relief rally, a drop below $2.7021 WOULD invalidate the bullish case and could open the door to further downside, potentially targeting the psychological level of $2.50.