BRETT Blasts Up 19%, Is Breakout Mode On or Is It Headed for a Fall?

• BRETT is currently trading near $0.060.
• Its trading volume has surged by 154%.

The recent crypto market spike made the prices swing between green and red candles, with the market cap reaching $3.9 trillion. Notably, the meme coin market cap has followed suit, modestly spiked and stays at $77.5 billion. Among the pack of meme coins, BRETT has jumped by a solid 19.28% in the last 24 hours

In the early hours, the meme coin traded at its bottom level of $0.04916. As bullish forces dominate the price movement, BRETT has climbed to a high of $0.06061, testing the crucial resistances between the $0.04921 and $0.06056 zones

According to CMC data, at the time of writing, BRETT traded within the $0.06006, with its market cap staying at $587.26 million. Meanwhile, the daily trading volume of the meme coin has soared by over 154%, reaching $81.06 million

Over the last thirty days, the asset has registered a notable gain of 46%. BRETT began trading the month at its low of $0.038 and with a series of ups and downs, the meme coin has risen to the monthly high at around the $0.066 range.

What is Brewing for BRETT?

Assuming BRETT fails to hold the ground at $0.05999, the price might plunge and trigger the emergence of a death cross. The bears could send the asset’s price to its crucial support at $0.05992. Losing this range may lead the meme coin into a deeper downside correction

On the upside, upon a recovery, the meme coin could make an effort to reclaim the $0.06013 range. ​The formation of a golden cross might push the BRETT price to retest the resistance zone above the $0.06020 level. ​An extended bullish correction can send the price to new highs

*BRETT chart (Source: TradingView)*BRETT’s technical indicators reported the bearish momentum, with the Moving Average Convergence Divergence line and signal line being below the zero line. However, the MACD line is approaching the zero line, which likely indicates that the momentum is shifting. Besides, the Chaikin Money Flow (CMF) indicator of the meme coin at 0.10 likely suggests a slight buying pressure in the market. The positive value hints that BRETT has accumulated rather than distributed

Furthermore, the Bull Bear Power (BBP) reading of 0.00782 signals weak bullish strength. This could be a potential turning point, a continuation of this weak uptrend or a reversal. BRETT’s daily Relative Strength Index (RSI) settled at 61.52, implying that it is in a mild bullish zone. The asset has more room left for upward movement before it becomes overbought.

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