Bitgert price has unraveled in the past few days as cryptocurrencies have remained under intense pressure. BRISE was trading at $0.00000032, which was the lowest level since June this year. It has crashed by more than 99% from its all-time high as concerns about its future remains.
Bitgert TVL plummets
Bitgert is a blockchain project on Binance’s BNB Chain that aims to become the best player in the smart contract platforms. It has near-zero gas fees and transaction speeds of more than 100k. As a result, it has eliminated the so-called blockchain trilemma of decentralization, security, and scalability.
The team is also set to launch Bitgert Paybrise, a product that makes it possible for merchants to accept $BRISE payments. Further, it has launched BRISE Staking, a product that enables holders to stake their coins and then earn BUSD in return. BUSD is one of the biggest stablecoins in the world.
BRISE also has a buyback mechanism in which it directs 5% of all transaction fees for the repurchase. 3% of the tokens go to marketing and 4% to staking rewards. This makes it a hyper-deflationary coin.
Meanwhile, Bitgert has seen the total value locked (TVL) crash by more than half. According to DeFi Llama, Bitgert’s TVL has plunged from over $11.7 million in September to about $5 million. IcecreamSwap has seen its TVL drop to $2 million while Sphynx and Bitgert Swap have had their TVL drop to $1.7 million and $68k, respectively.
In addition to the falling TVL, Bitgert price has also dropped because of the ongoing fallout on FTX’s crash. The company filed for bankruptcy this month, leading to worries of contagion in the cryptocurrency industry.
Bitgert price prediction
The chart below is significantly different from the standard candlesticks because it filters the noise by focusing on price action. It shows that the coin has been in a strong dive in the past few months. BRISE managed to move below the important support level at $0.00000035, which was the lowest level on July 5 and 13 August. It remains below all moving averages while the Relative Strength Index (RSI) moved to the oversold level.
Therefore, the outlook for Bitgert price is extremely bearish, with the next key level to watch being at $0.00000030, which is about 10% below the current level. A move above the resistance at $0.00000035 will invalidate the bearish view.
