After a month of notable recovery from a short-term bearish phase, Brett faced a three-month resistance last week and took a downturn. Starting this week at a loss, it currently appears weak as it undergoes a pullback.
Last week saw Brett through its highest price level in three months after five weeks of recovery. This recovery was triggered by a steady increase in the demand level after reaching an extremely oversold condition during the bearish corrective phase in the first quarter of the year.
However, the $0.091 level stopped the bulls and the crypto entered this week on a sell mode. Losing roughly 20% since the start of the week, it now appears weak on a daily, although there’s still hope for the bulls.
Looking at the latest drop, which looks more like a pullback of the last leg up, we can expect a rebound anytime soon. If that comes into play, we should anticipate a massive price movement above the $0.1 level
For a rebound, the $0.05 level is a key pivot line to keep in mind. If this level fails to contain selling, we may see more drawdown until it finds a solid ground for a major rebound. Losing April’s low in the process may activate a bearish move in the long-term. Technically, there’s still room for more growth as the market is still surrounded by positive sentiments.
BRETT’s Key Level To Watch
Source: Tradingview
In the latest drop, the $0.0585 level is the nearest support to watch for a test. The next level to watch for drops would be $0.042 and $0.0313.
A rebound above the previous $0.091 resistance should trigger a rally to $0.124. Pushing through this price level could send the price back to the yearly high of $0.159.
Key Resistance Levels: $0.091, $0.124, $0.159
Key Support Levels: $0.0585, $0.042, $0.0313
- Spot Price: $0.0728
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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