The value of Layer-1 (L1) coin BERA has surged 13% in the past 24 hours, making it the top-performing crypto asset during this period.
The rally has brought BERA close to its all-time high of $15.20, sparking renewed investor interest during the review period.
BERA Sees Double-Digit Gains with Strengthening Buying Pressure
BERA’s double-digit surge is backed by strong buying pressure, as reflected in its positive Chaikin Money Flow (CMF). As of this writing, the CMF indicator, which measures flows into an asset, is above the zero line at 0.04.
An upward-trending CMF like this indicates that BERA’s rally is backed by increasing volume, which makes its price rally more sustainable. This reduces the risk of a fakeout or short-term value spike.
In addition, the coin recorded spot inflows totaling $316,120 on Wednesday. This comes after it saw capital outflows from its spot markets to the tune of $2.60 million on Tuesday.
When an asset records spot inflows, there is a significant increase in direct buying activity on spot exchanges, indicating strong demand from investors looking to hold the asset. This signals bullish momentum in the BERA market, as real buying pressure will drive its prices higher.
BERA’s Next Move: Surge Past $8.49 or Slide Toward $5.37?
BERA currently trades at $6.52, below the critical resistance formed at $8.49. If demand for the altcoin soars, it could breach this resistance and attempt to reclaim its all-time high of $15.20.
However, a surge in profit-taking activity could invalidate this bullish projection, and BERA’s price could fall to $5.37.If the bulls fail to defend this support level, the coin’s value could plunge further to $3.89.
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