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Bedrock Price Jumps 9% Amid PancakeSwap Listing - Bulls Eye $1 in the Medium Term

Highlights:

  • The price of Bedrock spikes 9% to $0.04, and volume surges 28559%.
  • Traders enjoy 50% rebate offers on the BR/USDT pair via PancakeSwap.
  • Derivatives volume hits $35M, marking 712% growth.

Bedrock price has spiked about 9% to $0.04 in the past 24 hours, as its daily trading volume has increased by 28559%. This comes as Bedrock is now integrated into the decentralized finance ecosystem through a position dynamic listing on PancakeSwap. The launch campaign is well-placed in the user’s eyes and is expected to go well after integrating an ultra-low trading fee as well as rewarding rebate incentives. 

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Traders who trade between the BR and the USDT pair on PancakeSwap can now enjoy additional rebate offers of up to 50% in USDT, which are incredibly competitive trading conditions. 

Bedrock Consolidates – Is a Breakout On the Horizon?

The Bedrock price recently hit $0.0485 before retracing to $0.0470 on the 15-minute chart. Currently, the token has entered a consolidation phase, with traders optimistic about a potential surge soon. Moreover, the bulls have established a solid support around the $0.047 mark, coinciding with the 50-day MA. 

Bedrock price
BR/USD-15 minute chart: TradingView

The momentum indicators, like the Relative Strength Index, show a high level of market interest at a high of 85.28, which means there is a lot of buying interest. However, this also indicates overbought conditions, which may trigger a short-term retracement. 

The Moving Average Convergence Divergence indicator goes on to support a bearish crossover, as the MACD line(in blue) crosses below the signal line. Furthermore, the histograms are shrinking in size as they turn reddish, which bolsters a sell signal. Traders should watch for possible consolidations in the near term, as the RSI indicators are very high, and the MACD is signaling a sell.

Bedrock Derivatives Analysis. Source: CoinGlass

This price enthusiasm has been reflected in the derivatives as the volume and the open interests are growing exponentially. BR derivatives volume has hit more than $35M, marking a 712% surge. The open interest has even surpassed the $8M, which is a classic example that the market players are becoming more receptive to holding positions for a longer time. 

Bedrock Price Might Surge 5%

A quick look at the technical indicators reveals heightened bullish sentiment in the Bedrock price signals. However, with the overbought conditions, a slight retracement may be expected before the bulls kick off a rally. In such a case, if the support zone gives way, a drop towards $0.0469, $0.0465, and $0.461 would cushion against further drops. 

Conversely, if the bulls gain momentum after sweeping off liquidity, Bedrock price could rally, reclaiming the $0.048 mark. In a highly bullish scenario, the next stop could be $0.05, which represents a roughly 5% surge from current price levels. 

In the short term, Bedrock price has a bullish momentum on its side. Moreover, today’s rally could draw more FOMO from traders. In the medium term, if Bedrock continues to attract users and increase its liquidity, along with additional partnerships, BR could potentially reach $ 0.50 and possibly $1 by the end of the year. However, traders should keenly monitor the overbought conditions to evade the bull trap. 

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