2024-11-16 17:00 |
Brett (BRETT) has bucked the general market trend in the past 24 hours. During that period, the meme coin’s value has risen by 10%, positioning itself as one of the top gainers among digital assets. It has outperformed leading assets like Bitcoin (BTC) and Ethereum (ETH), whose values have plunged by 4% and 5%, respectively.
With surging buying pressure, the BRETT token price may be on the path to reclaiming its all-time high of $0.19, which was last recorded in June.
Brett Leads Market GainsBeInCrypto’s assessment of the BRETT/USD one-day chart reveals a spike in its on-balance volume (OBV). As of this writing, the meme coin’s OBV stands at 245.23 million, surging by over 130% in the past three days.
BRETT OBV. Source: TradingViewThe OBV indicator measures buying and selling pressure in an asset by combining its price movements with its trading volume. When it increases during a price rally, it signals strong buying pressure. This means that the price rally is supported by high volume, making it more likely to continue.
Additionally, the setup of BRETT’s moving average convergence/divergence (MACD) indicator confirms the rising buying pressure in the market. As of this writing, the meme coin’s MACD line (blue) rests above its signal line (orange).
BRETT MACD. Source: TradingViewThis indicator tracks an asset’s trend direction, shifts, and potential price reversal points. When the MACD line is above the signal line, it is bullish. It suggests that the asset’s short-term momentum is stronger than its long-term momentum.
Pseudonymous Crypto trader Crash also shares this bullish sentiment. In a November 14 X post, Crash noted that BRETT is poised to flip the Solana-based meme coin Dogwifhat (WIF) despite not being listed on Coinbase yet. According to the analyst, once BRETT gets listed, “it’s gonna shoot up and be trading at 2-6x Wif’s market cap.”
BRETT Price Prediction: One Of Two Things May HappenBRETT is currently trading at $0.164, just shy of the $0.166 resistance level—its final hurdle before reclaiming the all-time high of $0.19. Sustained buying pressure could propel the meme coin beyond this critical threshold, setting the stage for a potential new peak.
BRETT Price Analysis. Source: TradingViewHowever, a shift in market sentiment or an increase in profit-taking could derail this bullish outlook. It can potentially drive the BRETT token price down toward the $0.143 support level.
The post BRETT Bucks Market Trend, Jumps 10% in Quest to Reclaim All-Time High appeared first on BeInCrypto.
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