The meme coin BRETT is once again drawing attention from the crypto community amid a market reversal. After a recent breakout of significant levels, it is showing signs of an upward trend.
BRETT Technical Analysis
According to expert technical analysis, after breaking downward through a trendline and an inverted Head and Shoulders pattern, BRETT successfully retested and is now heading upward. Based on the daily chart analysis, the meme coin is expected to rise by 40% to reach the $0.15 level in the coming days. If support persists, it may further increase by 30% to reach the $0.20 level. The Relative Strength Index (RSI) suggests a significant upside as its value currently lies in oversold territory.
BRETT's On-Chain Metrics
Despite the bullish technical analysis, BRETT's on-chain metrics indicate that traders are beginning to exit their positions or have had their positions liquidated during the recent price correction. According to the analytics firm Coinglass, BRETT's open interest has dropped by 8% over the past 24 hours. The major liquidation levels at present are $1.055 on the lower side and $1.083 on the upper side, with many traders being over-leveraged at these levels. If the bullish sentiment remains and the price hits the $0.1083 level, short positions worth approximately $91,640 will be liquidated. Conversely, if the price drops to $1.055, long position liquidations could amount to about $268,850. As a result, bears currently seem to have control of the market, though BRETT's daily chart still looks positive. If BRETT holds above the $0.0949 level, the bullish outlook will remain.
Current Price Momentum
Currently, BRETT is trading near $0.1073, having experienced a 2.65% price drop over the past 24 hours. During this period, its trading volume decreased by 25%, indicating reduced participation from traders and investors compared to the previous day.
While BRETT exhibits a positive technical analysis, its on-chain metrics suggest cautiousness among traders. The ongoing tense balance requires monitoring key levels to determine the future trend direction.