Is It Too Late To Buy Brett? BRETT Surges 25% As Investors Rush To Accumulate Base

Last updated: June 7, 2024

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Is It Too Late To Buy Brett? BRETT Surges 25% As Investors Rush To Accumulate Base

The Brett price surged 25% in the last 24 hours to trade at $0.1757 as of 9:45 a.m. EST, on a 62% surge in trading volume to $203 million.

Brett (BRETT) is making waves on the charts and grabbing attention away from other projects. This momentum could establish it as a significant player, particularly since it surpassed the $1 billion milestone with the latest price hike, raising BRETT’s market cap to exceed $1.77 billion.

$BRETT literally printing me 7 figures in less than a month 🤝

Still not selling.

We simply flip $SHIB and walk away with multi millions.

H I G H E R . pic.twitter.com/7TL4r2nFDs

— Kazi (@TheCryptoKazi) June 7, 2024

BRETT has also surged 85% over the past week. This recent increase in the BRETT price has brought the cryptocurrency’s market cap closer to $2 billion.

Additionally, Brett’s price has hit a record high of $0.1864, solidifying its position as a major player. The Brett cryptocurrency must overcome more resistance to reach even greater heights, but this seems feasible given the bullish signals from its RSI and MACD indicators.

Brett Price Momentum Trends Along A Parabolic Curve

The Brett price surged past the resistance at $0.1597. It’s also climbed along the parabolic curve visible on its charts for the past few days.

If the price closes a 4-hour candle above this level, it could set a strong technical base for further upward movement. This could prompt traders to consider opening long positions for BRETT, potentially driving its value above $0.1931.

Brett Price

4-hour chart for BRETT/USD (Source: Tradingview)

Conversely, if the Brett price falls below $0.1597 in the next 8 hours, it could undermine the bullish outlook. In this case, the meme coin might drop to the $0.1309 support level.

A decline to $0.1309 would bring BRETT to the lower limit of the mentioned price channel. Therefore, if it breaks this crucial support, there’s a chance it could slide further down to the next level at $0.0859 in the coming days.

Technical indicators on BRETT’s 4-hour chart suggest that the altcoin’s price has the support needed to continue climbing over the next 24 hours. However, there’s a crucial point approaching that could trigger a correction.

The Relative Strength Index (RSI) indicates a rebound on the 50 midline level as the RSI jumps into the overbought zone, indicating intense buying pressure for the BRETT price.

Additionally, the price trades above the 50 and 200 simple moving averages (SMAs), supporting the bullish momentum. Moreover, the moving average golden cross further cements the overall bullish sentiment.

The Moving Average Convergence Divergence (MACD) indicator indicates a positive trend for BRETT in the short term, with the MACD line positioned above the MACD Signal line above the neutral level on the 4-hour chart. Moreover, the MACD blue line is pulling away from the MACD orange Signal line, potentially signalling a strengthening bullish momentum.

Final Thought

While traders may view this as a positive sign, they should also monitor the Bollinger Bands (BBANDS) as BRETT approaches the upper band of this volatility indicator. Historically, this band has served as a strong resistance for BRETT in recent weeks.

If past patterns repeat, the meme coin might see a correction soon. Additionally, it’s worth noting that the Bollinger band aligns with both the upper boundary of the rising price channel and the $0.1597 resistance level.

Therefore, BRETT will need to overcome this obstacle convincingly before bullish traders can confidently consider long positions on the altcoin.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Author

Charles Kibue

Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.

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