Greed

Rose

Stats

Show

Billion

BRETT price rose by over 65% this past week after a major fall. It has acquired the 70th spot based on its market cap. 
<h2 class="wp-block-heading" id="h-what-do-off-chain-stats-in-brett-highlight">What do Off-Chain Stats in BRETT Highlight?</h2> 
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 <a href="https://www.thecoinrepublic.com/price-prediction/based-brett/">BRETT</a> 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. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="588" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-106-1024x588.png" alt="Crypto Fear &amp; Greed Index Over 7-days span | Source: alternative" class="wp-image-658936" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-106-1024x588.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-106-300x172.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-106-768x441.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-106-150x86.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-106-696x400.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-106-1068x613.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-106.png 1432w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Crypto Fear &amp; Greed Index Over 7-days span | Source: alternative
 </figcaption>
</figure> 
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. 
<h2 class="wp-block-heading" id="h-brett-brett-derivatives-data-analysis">Brett (BRETT) Derivatives Data Analysis</h2> 
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. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="225" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105-1024x225.png" alt="BRETT Derivatives Data Analysis | Source: Coinglass" class="wp-image-658931" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105-1024x225.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105-300x66.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105-768x168.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105-1536x337.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105-150x33.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105-696x153.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105-1068x234.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-105.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 BRETT Derivatives Data Analysis | Source: Coinglass
 </figcaption>
</figure> 
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. 
<h2 class="wp-block-heading" id="h-analyzing-brett-price-over-daily-chart">Analyzing BRETT Price Over Daily Chart</h2> 
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.  
<a href="https://in.tradingview.com/chart/BRETTUSDT/lhiOwR2Z-forming-a-descending-broadening-wedge-pattern/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
Potential resistance levels for BRETT are identified at $0.120 and $0.150, while support levels would be at $0.055 and $0.0311. 
The post <a href="https://www.thecoinrepublic.com/2024/08/12/brett-price-rose-65-and-derivatives-market-shows-bullish-signs/">BRETT Price Rose 65% As Derivatives Market Show Bullish Signs</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

BRETT Price Rose 65% As Derivatives Market Show Bullish Signs

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