News

BRETT Crypto Hits New ATH, Faces Dip – Is Another Surge on the Horizon?

BRETT Crypto Soars to New ATH, Dips: What’s Next?

BRETT Hits a New High, Then Pulls Back

On June 9th, Brett (BRETT), a meme coin developed on Coinbase’s layer-2 solution, Base, surged to a new all-time high (ATH) of $0.19. This rally propelled its market cap close to $2 billion. However, at the time of writing, BRETT is trading at $0.16 with a market cap of $1.61 billion. The recent price dip of 7.55% over the last 24 hours is likely due to profit-taking after an impressive 375% increase in the last 30 days.

Is This the Local Top?

BRETT, launched in February 2024 and dubbed “PEPE’s best friend” on the Base Chain, quickly gained a strong following. The token has become the most valuable cryptocurrency on Base in terms of market cap. Despite the recent price drop, sentiment around BRETT remains bullish. AMBCrypto’s analysis of Santiment’s data shows a positive weighted sentiment, indicating a broad bullish perception among the community.

Social dominance, which surged to 0.56 when BRETT hit its ATH, indicates a high level of discussion around the cryptocurrency. This spike in social activity could suggest a local top, explaining the subsequent price retracement. However, the decrease in social dominance might present a buying opportunity before another potential rally.

What’s Next for BRETT?

While BRETT’s current value may drop further, $0.16 might not be the bottom. Technical indicators suggest potential support and resistance levels to watch.

On the 4-hour chart, the 0.382 Fibonacci level at $0.12 indicates a nominal pullback. Increased selling pressure could push BRETT down to this level. Additionally, the 0.618 Fib at $0.15 could provide a good entry point if bulls defend this price.

However, the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators both show declining momentum. The AO’s red histogram bars and the MACD’s negative reading suggest that the token’s momentum is currently heading downward. The 12 EMA has crossed below the 26 EMA, indicating that sellers are currently outpacing buyers.

Given these indicators, BRETT’s price might drop to $0.14 or even $0.12. However, this bearish outlook could be invalidated if buying pressure resumes. If that happens, BRETT’s price could rise above $0.20, continuing its upward trajectory.

Conclusion

BRETT’s recent performance highlights the volatility and potential of meme coins. While a dip following a new ATH is common, the fundamentals and technical indicators suggest that BRETT still has room for another rally. Investors should keep an eye on support and resistance levels, as well as social sentiment, to capitalize on future price movements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button