Crypto Market Rebounds: Comparing Polkadot and Berachain
The crypto market experienced a strong comeback this week, with Bitcoin hitting new highs. the value of all cryptocurrencies surpassed $3.5 trillion. Traders are optimistic, predicting a new bull run that could push bitcoin to $150,000 and boost many altcoins.
For those looking to invest in altcoins, it’s crucial to choose projects with solid fundamentals and promising technical indicators. This article compares Polkadot (DOT) and Berachain (BERA), offering insight into which to buy and which to avoid.
Polkadot: A Strong Buy
Polkadot is a top contender for growth. It has a staking yield of 11.5%, outperforming many layer-2 cryptocurrencies. DOT has remained within a three-year consolidation range of $3.76 to $11.33. This pattern is similar to Monero’s (XMR) before it’s surge. according to the Wyckoff theory, DOT is in the accumulation phase, likely leading to higher prices.
DOT has formed a triple bottom at $3.76 and is expected to rebound to at least $11.32, a 132% gain. A move above this level could see DOT reach $30, a 500% increase.
Berachain: A Coin to Sell
Berachain, on the other hand, shows signs of weakness.Its total value locked has decreased by 43% in the last 30 days, falling to $3 billion.The market cap of stablecoins in its ecosystem has also dropped significantly.
Berachain will start monthly token unlocks in February 2024, lasting until March 2028. This increase in supply could put pressure on its price if demand doesn’t match. The BERA price chart indicates a potential drop to its all-time low of $2.70.
