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BRETT and MOG Lead Crypto Market Gainers in June – Will July Bring New All-Time High Prices?

Last Updated July 1, 2024 3:13 PM
Valdrin Tahiri
Last Updated July 1, 2024 3:13 PM

Key Takeaways

  • BRETT increased 70% in June, becoming the leading crypto memecoin in the Base chain.
  • MOG reached a new all-time high on June 29, entering the top 100 cryptocurrencies.
  • Will this positive momentum continue in July, leading to a new all-time high?

After pacing the cryptocurrency market in the beginning of the year, memecoins suffered a massive setback in June, when they were the worst performing category. Yet, BRETT and MOG managed to defy the trend.

These two lesser-known memecoins saw impressive gains, entering the top 100 cryptocurrencies and leaving everyone wondering if they will continue to rise in July or if this was their peak.

BRETT Consolidates Before Potential Breakout

BRETT launched in March, and since it is the first memecoin in the Base chain, it quickly became its unofficial mascot. It has gained widespread adoption and support across major exchanges like Bybit, Gate.io, KuCoin and OKX DEX. It can also be traded in the futures markets of Bybit and Kraken among others. Its tokenomics show that  85% of the token distribution has gone to liquidity pools that are locked for 365 days.

The BRETT price has increased since March, but the rate of increase accelerated once the price created a higher low on April 24. This was likely the end of wave two in a five-wave increase. Then, the acceleration of the increase marked the beginning of wave three, which led to the all-time high price of $0.195 on June 9.

Even though the BRETT price has corrected since a symmetrical triangle contains the decline. When transpiring after upward movements, such triangles often lead to trend continuation. Moreover, wave fours often develop into a triangle, increasing the likelihood that the current pattern is part of wave four. The sub-wave count is in white.

BRETT Price Wave Count
BRETT/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

While the MACD and RSI are trending downward, the former is positive, and the latter is above 50. Additionally, they have started to pick up steam in the short-term, something that could materalize further if a breakout happens.

If BRETT breaks out from the triangle, it can increase toward the next target at $0.245-$0.260. The 1.61 external Fibonacci retracement of wave four creates the lower limit of the target, while the 3.61 extension of wave one (white) the upper limit. This will constitute a new all-time high Mog Coin price.

Despite this bullish BRETT price prediction, a breakdown from the triangle will mean the correction will deepen toward the closest support at $0.080. Currently, this is unlikely.

What’s Next for MOG After All-Time High?

The MOG price launched in July 2023, reaching its then all-time high price the next month. After a six-month consolidation period, MOG broke out from its triangle and accelerated its rate of increase. MOG has gained 4,600% since the start of the year.

MOG Price All-Time High
MOG/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

In March, May and June, MOG created higher highs, culminating with an all-time high of $0.0000021. While the highs were combined with a bearish divergence in the weekly RSI (green), the MACD still trends upward and is in positive territory.

So, a closer look at a lower time frame can help determine the future trend’s direction.

The daily time frame chart shows that MOG has increased inside an ascending parallel channel since May 2024. Such channels usually contain corrective movements. The long upper wicks at the channel’s resistance trend line support this negative sentiment. So does the bearish divergence in the MACD (green).

MOG Price Prediction
MOG/USD Daily Chart | Credit: Valdrin Tahiri/TradingView

However, the price action does not fit with a corrective structure, since MOG is at an all-time high. Neither does the RSI, which is increasing and has not generated any bearish divergence.

Due to the conflicting readings, whether the MOG crypto breaks out from the channel or gets rejected instead will determine the future trend’s direction. While a breakout can trigger an increase to $0.0000025, a rejection will likely cause a drop to the channel’s midline at $0.0000016.

BRETT Could Outgain MOG in July

While both BRETT and MOG increased significantly in June, the future outlook for BRETT is more bullish. This is because there is more confluence of positive signs coming from the wave count, price action and indicator readings. Conversely, the Mog Coin price has to break out from its ascending parallel channel to confirm its bullish prediction.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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