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BRETT price rose by over 65% this past week after a major fall. It has acquired the 70th spot based on its market cap.
What do Off-Chain Stats in BRETT Highlight?
According to CoinMarketCap, BRETT’s market value was $920.8 Million, and its trading volume was $31.5 Million. However, the 24-hour liquidity remained the subject of concern, as the volume-to-market cap ratio was 3.45% at press time.
Additionally, per its tokenomics, 99.10% (9.910 billion) of a total supply of 10 Billion BRETT were in circulation.
Recently, the heightened optimism was displayed by one of the statistics, as spot volume inflow of 24 hours has increased by nearly 60%. It has reached a threshold of $31.86 Million.
Despite the optimistic price structure and statistics, the broader market sentiment has dipped to extreme fear at 25. It points to the point of concern for the BRETT.
By August 9th, 2024, the broader market sentiment rose to 48, but with BTC taking a halt, many must have become doubtful. So, the broader market sentiment dipped.
Brett (BRETT) Derivatives Data Analysis
As per the derivatives market, the optimism has been highly in favor of bulls. The derivatives boldly point their finger for the upcoming northward movement ahead.
As derivatives volume spiked 124% and reached $96.32 Million, a lot of money has surged in the derivatives market.
The OI has signified an increased number of open contracts by 9.70% in the market, where the amount has reached $19.17 Million for the current trend.
Moreover, the long-to-short ratio highlighted that more longs dominate the perpetual market, as the ratio was 0.992 per CoinGlass. It pointed to uncertainty.
Analyzing BRETT Price Over Daily Chart
BRETT experienced a meteoric rise of over 550% in early 2024, breaking from a double bottom pattern in mid-May. However, this rapid ascent was followed by a sharp decline as bearish pressure intensified, forming a descending broadening wedge pattern.
Trading at $0.09145 at press time, the price is approaching the upper boundary of this wedge but faces immediate resistance from the 50-day moving average. A successful breach of this moving average could signal a potential breakout and retest of previous highs, and a change of character (CHoCH) would occur.
Technical indicators offer mixed signals. Indicators like MACD showed -0.01000, whereas the histogram was negative 0.00097, indicating bearish momentum. Meanwhile, the RSI showed a resurgence from the oversold territory aimed at overbought, showing signs of bullish strength. The RSI was at 40.42 at press time.
Potential resistance levels for BRETT are identified at $0.120 and $0.150, while support levels would be at $0.055 and $0.0311.