Amidst the recent market turmoil, Brett (BRETT), a popular meme coin that has been making waves in the crypto community, is gearing up for a significant uptrend. The official mascot of the Base Chain, BRETT has caught the attention of many investors with its impressive price surge and is now showing signs of a bullish breakout.
Technical analysis indicates that BRETT has recently broken out of a descending trendline and a bullish inverted Head-and-Shoulders pattern. This breakout has shifted the sentiment to an upward trajectory, with the coin retesting the neckline and continuing to head in a positive direction. Based on the daily chart, experts predict that BRETT could potentially surge by 40% to reach the $0.15 level in the near future, with a further 30% rally to $0.20 if the bullish sentiment persists. The Relative Strength Index (RSI) also suggests a significant upside potential, as it currently indicates oversold conditions.
On the flip side, BRETT’s on-chain metrics paint a slightly different picture. Data from Coinglass shows that traders are currently exiting their positions or facing liquidations following the recent price correction. Open interest has dropped by 8% in the past 24 hours, with major liquidation levels identified near $1.055 on the lower end and $1.083 on the upper end. If the market sentiment remains positive and the price climbs to $0.1083, around $91,640 worth of short positions could be liquidated. Conversely, a drop to $1.055 could lead to approximately $268,850 worth of long positions being liquidated.
Taking into account both technical analysis and on-chain metrics, it appears that bears are currently exerting some control, despite the bullish outlook on BRETT’s daily chart. The key level to watch is $0.0949 – if BRETT manages to hold above this level, the bullish trend is likely to continue; however, a failure to do so could signal a shift in sentiment.
As of the latest update, BRETT is trading around $0.1073, experiencing a slight 2.65% decrease in price over the past 24 hours. Trading volume has also dipped by 25%, indicating a decrease in participation from traders and investors compared to the previous day.
Overall, with a mix of bullish technical indicators and cautionary on-chain metrics, the future trajectory of BRETT remains uncertain. Traders and investors are advised to closely monitor key levels and market developments to make informed decisions in this volatile environment.