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Despite recent gains, it appears increasingly unlikely that BRETT will not experience another significant drop before potentially reaching a new all-time high in 2025. The token has already gained approximately 6% in the last 24 hours according to CoinMarketCap, but key indicators suggest that a decline is possible.
While some investors may be optimistic about BRETT’s short-term performance, there are several reasons why a decline is likely in the near future. One of these factors is reduced liquidity, which could lead to further price drops as trading volume dwindles.
Data from IntoTheBlock highlights a sharp decline in large transactions and trading volume over the past 24 hours. A staggering 2,220 large transactions have occurred, resulting in a total of $56.47 million in BRETT value traded. Typically, such large transactions would significantly impact market sentiment and drive up prices; however, this is not the case. The lack of interest from major holders could lead to further declines.
Another factor contributing to the likelihood of a decline is the token’s historical pattern. In the past, BRETT has consistently fallen after entering overbought territory above 80 on its Money Flow Index (MFI). Currently, the MFI stands at 72.23 and shows signs of declining, which suggests that liquidity flowing into the asset is decreasing.
In addition to these indicators, the Aroon Indicator also supports a decline in BRETT’s price before it reaches a new all-time high. The Aroon Up indicator is currently reading at 71.43%, while the Aroon Down indicator stands at 0.00%. As long as the Aroon Up remains elevated and the MFI stays above the neutral zone of 50, the overall bullish momentum for BRETT will continue to hold.
Despite these bearish signals, it’s important to note that large-scale holders have not been purchasing BRETT in recent transactions. This lack of interest could potentially lead to further price drops as major support is absent from the market.
While a decline before reaching a new all-time high may seem discouraging to some investors, it’s essential to remember that this pattern has played out consistently in the past. In fact, data suggests that BRETT often falls to a predetermined support level before rebounding and continuing its upward trajectory.
As such, investors should not be surprised if the token experiences another significant drop in the near future.
Source: ambcrypto.com
