Daily

<ul class="list-ic vertical">
 <li>1 <a>Brett’s (BRETT) market cap fell by 21.99% to $1.087 Billion,&nbsp; it is the 59th largest crypto globally.</a></li>
 <li>2 <a>Trading volume rose by 52.95%, reflecting bearish dominance.</a></li>
</ul>
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.
<div class="wp-block-image">
 <figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="548" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-57-1024x548.png" alt="Brett" class="wp-image-210548" style="width: 100%" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-57-1024x548.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-57-300x160.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-57-768x411.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-57-1536x822.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-57-750x401.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-57-1140x610.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-57.png 1563w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
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 <a href="https://www.thecoinrepublic.com/2024/06/26/can-pepe-brett-reclaim-new-price-highs-despite-panic-selling-in-btc-eth/" target="_blank" rel="noopener noreferrer nofollow">BRETT tokens</a> that float in the market are 99.10% of the total supply of 9.91 Billion.
<h2 class="wp-block-heading" id="strong-what-do-derivatives-data-highlight-about-brett-brett-crypto-strong">What Do Derivatives Data Highlight About Brett (BRETT) Crypto?</h2>
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&nbsp; $194.33K longs and $43.86K worth of shorts were liquidated in the market.
<div class="wp-block-image">
 <figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="249" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-58-1024x249.png" alt="Brett" class="wp-image-210549" style="width: 100%" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-58-1024x249.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-58-300x73.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-58-768x187.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-58-750x182.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-58-1140x277.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-58.png 1237w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
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.&nbsp;
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.
<h3 class="wp-block-heading" id="strong-brett-technical-analysis-over-the-daily-chart-strong">Brett Technical Analysis over the Daily Chart!</h3>
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. 
<a href="https://in.tradingview.com/chart/BRETTUSDT/Q9zB1MB7-BRETT-has-still-been-trading-in-a-cross/" rel="noopener noreferrer nofollow"></a><a href="https://in.tradingview.com/u/Sam_TCR/" rel="noopener noreferrer nofollow"></a><a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
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.
<h4 class="wp-block-heading">Disclaimer</h4>
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.

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

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 5, 2024

Bitcoin price plunges below $55k as Mt. Gox announces repayments

Crypto Market Cap Dips Below $2 Trillion, WIll We See a Bottom Soon?

MoonBag Listing on LBank: A Launchpad for Potential Coinbase Success

Bitcoin ATM network shrinks by 334 machines in 40 days

Michael Saylor and Bitcoin Grilled by Peter Schiff

Celebrity Influence in the Crypto Space: Memecoins on Solana with Pump.fun and Moonshot

Join our free newsletter for daily crypto updates!