Bitgert price is down by 7 per cent in today’s trading session, continuing a long-term bearish trend that has seen its price dropping by 62 per cent this month. Unfortunately for Bitgert, there are many factors that are currently acting against it that might see it continue to struggle in the markets.
For starters, it has a very low trading volume compared to other cryptocurrencies, which averages less than $2.5 million. Although such a volume is easy to ‘pump’ and trigger a price surge, it also indicates a problem with user traction and its day-to-day usage. Therefore, such a low trading volume is unlikely to instil confidence in whales to invest.
The current trend of the cryptocurrency industry is also aggressively bearish. Bitgert, like all other altcoins, is significantly correlated with the industry trend. Therefore, when there is such a huge industry drop, as we have seen for the past few weeks, altcoin prices are also dragged downwards. Therefore, as market conditions continue to worsen for the cryptocurrency industry, I expect Bitgert price to continue getting dragged down.
As indicated above, today’s 7 per cent drop is a continuation of a long-term bearish trend that has its prices dropping by 62 per cent this month. Unfortunately, the current bearish trend is likely to continue throughout the month.
Therefore, I expect the prices to continue falling in the next few trading sessions. Looking at the chart below, we can see prices nearly hitting the upper trend line of the long-term bearish trend. This is likely to trigger another aggressive bearish trend that will see prices falling and hitting the $0.00000040 price level.
It is also likely that the current combination of factors such as the falling cryptocurrency industry, the low trading volume of Bitgert and recession fears by investors could push Brise lower to hit the $0.00000031 support level. My analysis will be invalidated by Brise trading above the $0.00000055 price level.
This post was last modified on Sep 26, 2022, 13:26 BST 13:26