BRISE at Risk as H&S Forms
Bitgert price has formed a head and shoulders pattern as cryptocurrencies recoiled. BRISE dropped to a low of $0.0000052 on September 16. This price was the lowest point in more than a month and was about 62% below the highest level in August. It has a market cap of over $234 million, according to data compiled by CoinMarketCap.
Bitgert is a relatively small but fast-growing blockchain project that aims to become the biggest blockchain operating system in the world. It is an Ethereum competitor that enables developers to build fast applications. It has extremely low gas fees, meaning that it charges customers less than $1 to process millions of transactions. Bitgert also has extremely fast speeds.
Bitgert price has been in a strong bearish trend in the past few days as cryptocurrencies recoil after Ethereum Merge. It also declined because of the rising interest rates in the United States. Analysts expect that the Fed will hike interest rates by 0.75% and hint about more hikes later this year.
BRISE price has also dropped because of the falling total value locked (TVL) of its ecosystem. Its TVL has dropped to about $6 million, which is much lower than the all-time high of $10 million. Sphynx TVL has dropped by more than 26% in the past 30 days while Brise Swap has dropped in the past 30 days.
Bitgert price prediction
The four-hour chart shows that the BRISE price has been in a strong bearish trend in the past few weeks. Along the way, the coin has moved below the 25-day and 50-day moving averages. At the same time, it has formed a head and shoulders (H&S) pattern, which is usually a bearish sign. The neckline of this pattern is at $0.00000055.
Therefore, the coin will likely continue falling as sellers target the next key support level at $0.00000040. A move above the key resistance level at $0.00000065 will invalidate the bearish view.
