The BRETT token is down 8.13% over the last 24 hours at $0.1594. This adverse price action has resulted in a near-similar drop in the market cap, which now stands at $1.58 billion. Meanwhile, the cryptocurrency’s 24-hour trading volume paints a brighter image as it displays an uptick of over 30% toward the $68.49 million threshold. This places the cryptocurrency’s volume-to-market cap ratio at 4.32%, implying the token’s price fluctuations are stabilizing at press time.
Despite the sustaining market volatility, the bearish price outlook has not slowed. In just 24 hours, the cryptocurrency’s market value hit a floor price of $0.1598 from an opening cost of $0.1733. However, on a broader scale, the token has been struggling to recover from its 31.89% decline since reaching its all-time high of $0.235 on December 1 this year.
Brett Faces Critical Support at $0.1540
As of this publication, the asset is poised to test a key support zone at $0.1540 on Brett’s 4-hour chart. If this support does indeed hold, the cryptocurrency could see a bounce that pushes its value up the other side of this support zone and toward the next resistance area at $0.1903.
A breakout above this resistance would, for the most part, be destined for the $0.2341 opposition region, which is a vital level for further upward development. On the other hand, should the support at $0.1540 be broken, the token’s price could fall to backdrops lower, targeting the $0.0790 zone critical support.
Technically, the Relative Strength Index currently reads 40.35, putting the market into neutral territory. However, if the price slides below 30, it can move into an oversold condition. At the same time, the True Strength Index is bearish at -16.64 and -19.09. In addition, a narrowing of the moving averages in the Alligator indicator shows a likely consolidation in the market and a change in momentum.
Brett On-Chain Activity Shows Decline in New Addresses but Stable User Engagement
On-chain activity for Brett is a mixed picture: new addresses are down 24.69% this past seven days. However, that hasn’t stopped the stable number of active addresses, implying ongoing interaction from the current consumer base.
With only a 0.12% decline, the number of zero balance addresses demonstrates low volatility among users who no longer use their wallets. These trends indicate that while new user adoption wasn’t great, people who are consistently in the ecosystem are still around.
Brett’s price volatility matches onchain activity, with the most significant increase in address activity happening in October 2024, at the time of a big price increase. The price had retraced since then but was still higher than January 2024, showing long-term potential. Despite slowing down new user growth, there is a persistent interest with active addresses steadily growing, based mainly on existing users of the top chains such as BTC, ETH, and BCH.
Also Read: Can Bulls Regain Control at $0.04 Support and Drive GALA Higher?
Source: https://www.cryptonewsz.com/mapping-out-zones-for-brett-to-watch-this-week/