BRETT Are salespeople getting tired?
The meme coin BRETT (BRETT), built on the base network, may be preparing for a reset when the price/volume divergence occurs.
While the price of BRETT has been declining, the trading volume has increased. This comparison suggests that selling pressure may be nearing its peak, which could pave the way for a recovery.
Brett may be on the verge of rehab.
As of now, BRETT is trading at $0.085, down nearly 10% over the past 24 hours. In the same time frame, the transaction volume reached 19 million dollars, which is an increase of 13%. This difference between price and volume suggests that holders are loading their positions.
However, it also suggests that the market is approaching a tipping point where selling pressure will ease. At this stage, buyer interest typically picks up again, which can lead to a price reversal.
BRETT's Relative Strength Index (RSI) analysis supports the likelihood of sellers reaching exhaustion. Currently, the RSI is sitting at 39.17, approaching the oversold territory.
The RSI measures whether an asset is overbought or oversold on a scale of 0 to 100. A reading above 70 indicates overbought conditions and a potential correction, while a value below 30 indicates oversold conditions and a pullback.
Although the BRETT RSI has yet to enter oversold territory, the current reading suggests that the asset may be undervalued and positioned for a price recovery. If the RSI dips below 30, it confirms oversold conditions, with a potential for a rebound.
Read more: 7 best base chain meme coins to appear in June 2024
In addition, BRETT Chaikin Money Flow (CMF) is trending higher despite the decline in price, creating a significant divergence. CMF currently stands at 0.07, which reinforces the possibility of a price reversal.
This difference occurs when the CMF rises and becomes positive when the price of an asset falls. Such a pattern suggests that the selling pressure that brings the price down is slowing down, indicating that a rebound may be imminent.
BRETT Price Prediction: Meme Coin Could Touch $0.11 If Sellers Tap.
Once seller fatigue is lifted, BRETT's price recovery will occur. As buying activity intensifies, prices rise. A change in market trends could push the price of MemCoin to $0.11.
Read more: 7 Hot Meme Coins and Altcoins Trending in 2024
However, if the current trend continues and selling activity remains significant, BRETT price may drop to $0.05.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
