The gas fee-free blockchain project Bitgert (BRISE) was one of the many cryptocurrencies that saw its price drop heading into the new week. According to CoinMarketCap BRISE’s price slipped by 1.91% over the past day of trading. Despite the negative daily performance, a bullish chart pattern had formed on altcoin’s daily chart.
Meanwhile, Bitgert was changing hands at $0.0000001873. A value that leaned slightly closer to its daily low of $0.0000001846 compared to its 24-hour peak of $0.0000001927. Concurrently, the cryptocurrency saw its 24-hour trading volume decline by over 10% as well, resulting in an estimated volume of $3.77 million at press time.
Looking at Bitgert’s price performance over the course of the past week, the cryptocurrency displayed a rather bleak outlook as it recorded a decrease of more than 7%. Meanwhile, its market cap of $74,092,850 meant that Bitgert held the 269th position among the largest cryptocurrencies based on market capitalization.
From a technical standpoint, a bullish falling wedge chart pattern had formed on Bitgert’s daily chart. If this pattern is validated in the incoming week, then the altcoin’s price may enter into a strong move towards the upside. This potential move may lead to Bitgert’s price flipping the $0.0000002380 resistance level into support.
Continued buy support may even elevate Bitgert’s price to $0.0000002770 before the end of this month. However, if Bitgert’s price continues to drop throughout the coming week, then it may retest the crucial support level at $0.0000001815. A break below this mark could lead to it establishing a new all-time low.
Investors and traders will want to take note of the fact that Bitgert’s short and medium-term momentum was in favour of sellers at press time. This was evident because the 9-day EMA line was positioned below the 20-day EMA line on Bitgert’s chart. Moreover, both of these technical indicators were positioned below the 50-day EMA line as well.
A potential early indication of Bitgert’s negative trend shifting to positive will be when the altcoin closes a daily candle above the 9-day EMA line at around $0.0000001937. In this scenario, Bitgert’s price may attempt to do the same with the 20-day EMA line at $0.0000002036 before attempting to challenge the $0.0000002380 resistance level.
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