The BRETT token fell 8.13% over the last 24 hours to $0.1594. This unfavorable price action resulted in a nearly identical drop in the market capitalization, which now stands at $1.58 billion. Meanwhile, the cryptocurrency’s 24-hour trading volume paints a brighter picture as it shows an increase of over 30% towards the $68.49 million threshold. This puts the cryptocurrency’s volume to market capitalization ratio at 4.32%, meaning the token’s price fluctuations are stabilizing at the time of publication.
Despite continued market volatility, the bearish price outlook has not slowed. In just 24 hours, the cryptocurrency’s market value reached a low of $0.1598 with an opening price of $0.1733. However, on a broader scale, the token is struggling to recover after falling 31.89% since hitting an all-time high of $0.235 on December 1 this year.
Brett Faces Critical Support at $0.1540
At the time of publication, the asset is poised to test the key support zone at $0.1540 on the 4-hour Brett chart. If this support does hold, the cryptocurrency could see a rebound that pushes its value higher on the other side of this support zone and towards the next resistance area at $0.1903.
A break above this resistance will mostly be for the $0.2341 opposition area, which is a vital level for further upward development. On the other hand, if the $0.1540 support is broken, the token price could fall to a lower level, targeting the critical support of the $0.0790 zone.
Technically, the Relative Strength Index currently stands at 40.35, which puts the market in neutral territory. However, if the price falls below 30, it may enter an oversold condition. At the same time, the True Strength Index is bearish at -16.64 and -19.09. Additionally, the narrowing moving averages of the Alligator indicator indicate likely market consolidation and a change in momentum.
Brett’s online activity shows a decrease in the number of new addresses, but stable interaction with users
Brett’s on-chain activity presents a mixed picture, with new addresses down 24.69% over the past seven days. However, this has not stopped the number of active addresses from growing steadily, implying continued engagement with the current consumer base.
Down just 0.12%, the number of zero-balance addresses shows low volatility among users who are no longer using their wallets. These trends indicate that although the adoption of new users has not been very good, there are still people who are permanently present in the ecosystem.
Brett price volatility follows on-chain activity, with the most significant increase in address activity occurring in October 2024, a time of significant price increases. The price has since recovered but was still higher than in January 2024, demonstrating long-term potential. Despite the slowdown in new user growth, there is continued interest in the steady growth of active addresses, mainly driven by existing users of leading chains such as BTC, ETH and BCH.
