Will Brett (BRETT) Spark A 2x Rally From The Current Price?

• 1 Brett crypto displayed a 2.76% surge in market capitalization in the last 24 hours.
• 2 The volume/market cap ratio is 4.76%, showing moderate crypto liquidity in Brett.
• 3 The short liquidation of the crypto has been higher than the long liquidation over the last 24 hours.

Brett displayed a surge of 2.76% in its market capitalization in the last 24 hours, resulting in a market cap value of $1.554 Billion. The crypto trading volume surged by 32.93%. It illustrates an advance in Brett Crypto’s engagement of investors and traders.

Brett is the 57th largest cryptocurrency in the global crypto market, and the value of the traded volume for the crypto in the last 24 hours is $74.193 Million.  

It further resulted in a volume/market cap ratio of 4.76%, reflecting moderate crypto liquidity. Also, the crypto has 99.10% of its circulation supply in the market from the total supply of 9.910 billion BRETT.

Brett Crypto Derivatives Data Overview!

The crypto derivatives trading volume is up by 49.50% over the last 24 hours, resulting in a value of $114.43 Million. 

Brett Crypto Derivatives Volume Chart | Source: Coinglass

The derivatives volume chart for Brett crypto rose consistently over the last few days. That shows activity in the crypto has surged over the last few days and is at an all-time high.

The short liquidation of the crypto has been higher than the long liquidation over the last 24 hours, resulting in a value of $55.08 K compared to the long liquidation of $49.50K.

Brett Crypto Total Liquidations Chart | Source: Coinglass

This indicates that more short positions have been liquidated in BRETT in the past 24 hours. 

Moreover, the open interest was up by 3% over the last 24 hours, resulting in $34.59 Million worth of derivatives positions open in the market.

BRETT Crypto Derivatives Open Interest Chart | Source: Coinglass

The Coinglass chart highlights that the open interest (OI) advanced over the last few days. Thus, this shows the confidence of crypto traders is rising as a larger number of open positions are being carried in Brett’s market.

Volatility Chart Indication?

This Brett chart exhibits the contrast between the volatility and the price movement. The examination shows that the crypto displayed wonderful growth in earlier sessions.

Brett Price vs Volatility (1W) | Source: Santiment

However, the recent chart price shows that it failed to jump supply and faced a short-term struggle, and with that, volatility has declined in Brett. It exhibits lower volatility, illustrating stability in the Brett price. 

BRETT: Technical Synopsis

BRETT recently surged past the descending wedge pattern, marked by a significant uptrend and robust bullish candles. Following a notable 12% increase post-breakout, the price is now retracing towards the initial breakout point. 

On the 4-hour chart, the EMAs had exhibited an ongoing golden cross, with the Brett crypto’s price positioned above both the 50-day and 200-day EMAs, indicating a positive long-term trend.

MACD shows a bullish crossover, maintaining a bullish course. The histograms also reflect this optimism, displaying a bullish formation.

The RSI is in a bullish phase, having reached the overbought territory. The RSI is approaching the 50 mark and on the verge of intersecting the 14-day SMA, suggesting a strong likelihood of sustained upward momentum for BRETT crypto.

Summary

Brett crypto has spiked by 720% from its record low, propelled by the growth of the base chain ecosystem. Currently displaying a golden cross and high RSI. The key support levels are $0.1070 and $0.1250. At the same time, it faces resistance at $0.1700 and $0.1950.

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.