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ThecoinrepublicCryptocurrencyBrett Crypto Reaches Crucial Lows: Further 40%...
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Brett Crypto Reaches Crucial Lows: Further 40% Drop Likely?

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The Brett crypto price displayed bearish pressure at $0.16888 in response to BTC’s dip below $56000. The 4 continuous bearish candles highlight a drop of over 38%, as the price heads for the $0.07050 mark.

Brett

BRETT1.D | Source: TradingView

The market cap of BRETT plummeted by 21.99% in the past 24 hours to $1.087 Billion. Despite this, Brett was ranked the 59th largest crypto in terms of market cap on coinmarketcap.

With the deterioration in price, the traded volume of the crypto increased by nearly 52.95%, which shows a negative sentiment toward the investors; bears could continue to dominate.

Looking at the liquidity part, it has a decent low to moderate liquidity ratio at 6.53% in the last 24 hours. Also, the BRETT tokens that float in the market are 99.10% of the total supply of 9.91 Billion.

What Do Derivatives Data Highlight About Brett (BRETT) Crypto?

The open interest in crypto fell by 23% in the past 24 hours, and the long liquidation was higher than the short. Thus, the bearish pressure was high, reflecting more longs than shorts.

The derivatives displayed that  $194.33K longs and $43.86K worth of shorts were liquidated in the market.

Brett

Brett Crypto Derivatives Liquidation Chart | Source: Coinglass.com

A huge surge in the derivatives trading volume of BRETT was recorded, which shows an increase in the crypto’s derivatives trading activity. 

The derivatives data showed that the sellers dominated the price over the last couple of days, which was followed by massive profit booking in the long-term positions of traders and investors in BRETT.

Brett Technical Analysis over the Daily Chart!

The 4-H chart shows that bearish pressure has increased over the past 5 months, and from the peak, there was a nearly 39% consumption in its earlier gains.

BRETT has been trading in a contracted wedge that completed a symmetrical triangle breakdown.

The indicators showed that BRETT was trading in a golden cross of the 50-day and 200-day EMAs despite the fall. This showcases that a death cross is anticipated, which could be the long-term downtrend based on bear pressure.

The MACD indicator highlights that both lines have been moving below the zero line, with a growing histogram at -0.00375. Meanwhile, the RSI flashed at 22.64, in an extreme oversold zone.

The crypto price plummeted to $0.07050 after the bitcoin price fell below $56000. The derivative market saw a liquidation of $212.10K longs and $23.25K shorts, suggesting strong seller control and a potential long-term downtrend. Brett’s major support is $0.07050, and significant resistance is $0.16888.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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