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Bedrock Price Soars 8% as BR Launches New Incentive Plan for ETH – Bulls Eye $0.1 and Beyond

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Highlights:

  • Bedrock price soars 8% to $0.0817 as bullish momentum builds.
  • Bedrock has launched a new incentive plan for Ethereum owners looking to make their ETH productive while waiting for it to skyrocket. 
  • Bedrock bulls target higher levels at $0.1 and beyond as positive sentiment builds. 

The Bedrock price has shown a strong bullish muscle, breaking out by 8% to $0.0817. However, its daily trading volume has dwindled 58% to $128 million, indicating a drop in market activity. Meanwhile, the DeFi environment is dynamic, and funded projects are seeking to close the loop between crypto possession and earning an income through crypto-related activities. One of the newest hot projects is the uniETH strategy of Bedrock, launching its own $BR.

Lately, Bedrock has launched a new incentive plan for Ethereum (ETH) owners looking to make their ETH productive while waiting for it to skyrocket. Bedrock will take the form of holding an Ethereum product, $uniETH, which allows staking to enjoy high returns. Holding $ETH is good. The collaboration of Bedrock with uniETH offers investors a convenient opportunity to complement their ETH holdings without cashing out their assets.

The derivatives information provided by Bedrock indicates that the volume and open interest in the $BR token have been on a downward trend. The volume has declined by 77.65% to $52.32 million. Bedrock still offers special staking mechanisms to users. The dropping volume suggests that investors are becoming more selective, which could mean they are waiting for a breakout in other areas before making further moves.

BR Derivatives Analysis. Source: CoinGlass

Bedrock Price Breaks Out of a Prolonged Consolidation

The Bedrock price recently broke out of a prolonged downtrend, up about 62% to $0.0817. The bulls have shown immense strength, as they have established immediate support around the 50-day ($0.0571) and the 200-day ($0.0518) SMAs. Notably, the golden cross is evident in the market, signalling a long-term uptrend. This outlook reinforces a classic long-term trend in the Bedrock market. 

Bedrock price
BR/USD 4-hour chart: TradingView

The technical indicators show that the bullish trend is taking place in $BR. The Relative Strength Index ( RSI ) stands at 73.88, indicating overbought conditions in the market. This may soon lead to a healthy pullback, allowing the bulls to sweep through liquidity. On the same note, the MACD also indicates a positive momentum, calling for traders to buy more BR tokens unless the trend changes. 

BR Token Poised for a Short-Term Pullback Before a Rally

Looking ahead, if Bedrock price holds above the major support zones, we could see it test the $0.0883-$0.1 again. Increased bullish momentum could push toward $0.1284 in the next week if the hype train keeps rolling. However, the RSI is roaming in the overbought territory. A drop towards $0.072 might signal a breather. Intense selling pressure may push Bedrock price towards $0.066 or to $0.057 safety nets.

However, with this momentum, a quick rebound seems likely. In the long term, Bedrock’s focus on ETH could drive it past $0.1284 by the end of September. For now, holders are optimistic for further gains. Investors should keep an eye on the overbought RSI, as a cooling off may ignite a rally towards $0.13 or beyond.

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