Brett (BRETT) for the 40% Rally, set key standards to be observed
Amidst the ongoing market reversal, BRETT, which recently gained a lot of attention from the crypto community for its dramatic price increase, is poised to make another significant upside rally. BRETT, Base Chain's official mascot, has recently hinted at a bullish price action pattern and pushed sentiment higher.
BRETT technical analysis and upcoming levels
According to expert technical analysis, BRETT looks bullish after breaking out of the recent downtrend and head and shoulders reversal pattern. Additionally, it has successfully tested the neckline and is now trending upwards.
Based on the price action and the BRETT daily chart, there is a strong possibility that MemCoin will rise by 40% to reach the $0.15 level in the coming days. Additionally, if the sentiment continues, it could rally another 30% to reach the $0.20 level.
BRETT's Relative Strength Index (RSI) suggests a significant rally, as the price is currently in oversold territory.
BRETT's metrics on the chain
Despite the high level of technical analysis, BRETT's indicator on the chain indicates that traders are currently exiting positions or that their positions have been terminated during the recent price correction. According to on-chain analytics firm Coinglass, open demand has fallen 8 percent in the past 24 hours.
Currently, the main liquidity levels are at $1.055 on the lower side and $1.083 on the upper side, traders are overextended at these levels, according to Coinglass data.
If the market sentiment remains bullish and the price rises to the $0.1083 level, the value of the short positions around $91,640 will disappear. Conversely, if the sentiment reverses and the price drops to the $1.055 level, about $268,850 worth of long positions will be lost.
Combining these on-chain metrics with technical analysis, it looks like the bears are in control at the moment, although BRETT's daily chart still looks bullish. According to the chart, if BRETT holds above the $0.0949 level, the bullish view remains intact; Otherwise, it will fail.
Current price momentum
Currently, BRETT is trading near $0.1073 and experienced a price decrease of 2.65% in the last 24 hours. At the same time, the trading volume decreased by 25 percent, which shows that the participation of traders and investors has decreased compared to the previous day.
