BRETT Price Soars 31% as Top Crypto Gainer Before Leveling Off: What’s Next?
BRETT is the biggest crypto gainer today with an increase of over 30% in the last 24 hours. Will it continue rising?
Key Takeaways
- BRETT surged by 31%.
- Current momentum places BRETT as the 65th largest crypto.
- There is the potential for a new bullish phase post-correction.
On Aug. 6, Brett soared by over 30%, making it the market’s top gainer with a trading volume of $92,545,925.
Now ranked as the 65th largest cryptocurrency on Coinmarketcap, the memecoin’s remarkable climb begs the question: Can this momentum continue, and what lies ahead for the BRETT token price?
BRETT Price Analysis
On June 9, BRETT shot for $0.20 before correcting and slipping to $0.10 by July 5.
On July 12, BRETT attempted to test the level’s strength again, reaching a high of $0.15 on July 29, slightly above the descending channel’s resistance. However, it quickly dropped back and posted a nearly 60% drop.
After finding support at $0.058 on Aug. 5, BRETT spiked to $0.10 early on Aug. 6. However, the asset is now struggling to maintain this momentum. The daily chart’s RSI and MACD indicate a shift in trend, with the RSI falling into the oversold zone while the MACD shows bullish convergence.
Aug. 5 may have marked the end of a five-wave correction that began on June 9. With a significant increase following that, there’s a strong possibility BRETT has entered a new bullish phase.
BRETT Price Prediction
BRETT’s 15-minute chart shows momentum is slowing down from Aug. 6’s high of $0.092. The price formed an ascending triangle, which, considering the context, could be interpreted as a rising wedge.
These patterns usually indicate the uptrend’s completion and point out a potential price drop, which matches our expectations. The recovery in the last 24 hours is, most likely, the first sub-wave of the following bullish five-wave pattern. This is why there could now be a second corrective sub-wave.
Usually, these corrections come as a 0.618 Fibonacci retracement. Its next likely target is $0.075, which could end much higher. The ascending triangle’s support may hold so that an immediate bounce could lead BRETT to its next higher momentum uptrend.
This is why we first need to wait and see from which side the price breaks out, as that would dictate the primary outlook. Either way, the overall prospects for BRETT are bullish, with values over $0.10 expected next.
