Market Experts Anticipate Decline Leading Up to All-Time High in 2025, Predicts Brett
Over the past 24 hours, Brett [BRETT] has seen a rise of around 6%, as reported by CoinMarketCap. Despite this, significant bearish indicators hint at the likelihood of the asset continuing its monthly descent of 16.28% in the near future.
Observers in the cryptocurrency field highlight the potential for a downturn, although there are visible signs of a recovery that could potentially propel BRETT to new record levels in the longer term.
BRETT Expected to Witness a Decline Followed by a Surge
Having peaked at an all-time high of $0.236 in November, BRETT has since plummeted by at least 40% based on the provided chart. This downturn is projected to extend towards a critical support threshold.
In light of this, the recent emergence of a positive candle on the weekly chart hints at a temporary pullback before the asset resumes its downward course.
This anticipated decline is poised to guide the price towards the support level, which has historically kickstarted upward movements on three separate occasions.
Drawing from this historical precedent, a comparable surge is forecasted, potentially leading BRETT back to at least $0.236.
Despite BRETT’s potential drop being fueled by decreased liquidity, the general market sentiment remains decidedly optimistic.
Liquidity Wanes, BRETT Sees a Dip Yet Holds Strong
The Money Flow Index (MFI), a technical gauge tracking the movement of funds into and out of an asset, has begun to decrease after BRETT entered the overbought region above 80.
At present, the MFI registers at 72.23 and is on a downward trajectory, signaling a reduction in liquidity influx into the asset. Consequently, a decline in BRETT’s value is anticipated.
Nevertheless, the MFI remains in positive territory, indicating that the asset is still poised for a potential rebound.
Additionally, the Aroon Indicator lends further credence to the bullish outlook for BRETT. Currently, the Aroon Up (orange line) stands at 71.43%, significantly surpassing the Aroon Down (blue line) at 0.00%. A higher Aroon Up compared to Aroon Down signifies continued market bullishness.
Given the current technical indicators, BRETT is likely to retreat to the support level on the chart following a continued outflow of liquidity. However, its bullish framework will persist as long as the MFI remains above the neutral level of 50.00 and the Aroon Up remains elevated.
Major Investors Showing Little Interest in Acquiring BRETT
Insights from IntoTheBlock draw attention to a sharp decline in substantial transactions and trading volume. In the past 24 hours, there have been 2,220 major transactions amounting to 3.86 billion BRETT ($56.47 million).
Typically, such significant transactions would trigger a considerable price surge, yet the market response has been lackluster, indicating that major holders are presently disinterested in purchasing BRETT.
Should this trend persist, it could result in further price decreases, nudging BRETT towards the support level before potentially rallying towards higher price points.