Brett Rises From The Ashes: Eyes 26% gains Above This Level?

9月19日

Brett Rises From The Ashes: Eyes 26% gains Above This Level?
Brett illustrates the formation of a bullish pattern the breakout of which could enable 26% gains.
The RSI line and 14 day SMA highlights a golden crossover indicating a continued buying.

Following a prolonged duration of correction, Brett is now emerging as a meme coin set for substantial growth potential in the last quarter of the year 2024. Amid the federal reserve interest rate cut, crypto investors seems to be in a aggressive mode and drive the price higher.

Following a notable bullish pattern over the charts, Brett has also aligned itself to get benefit of the improved sentiments among the investors. A successful breakout of the which could help Brett investors gain over 26% in the short term.

As BRETT positions for an explosive move, the following analysis illustrates the factors that could contribute to the price trajectory and what investors should look while chasing for profits.
Weighted Sentiment Curve Boosts Investors Confidence
Moreover, looking at the previous price action, Brett experienced a strong bull run in the 1st half of 2024 along with a rise in the meme sector. However, the crypto had been in a correction since mid June and has dropped by over 49% since then.

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However, the recent price surge along with a rise in transaction volume has added hopes of recovery to BRETT investors. The daily transaction volume has surged by a 106% to $26.7 Million a day indicting heightened demand. Also, The volume to market cap ratio at 3% suggests low volatility.

Moreover, the weighted sentiment curve and zero line showed a positive divergence. This on-chain metric is vital for identifying the overall biasness whether the bulls or bears are dominating the trend.

Recent buying pressure lifted the positive sentiment curve. As a result, the weighted sentiment curve shifted to a positive territory indicating a positive sentiment in the short term.
Is Brett Poised For A 26% Gain In September?
Form a price action point of view, The recent swing illustrates the formation of a lower high which provides an early insight of a bullish breakout. The daily chart showcases the formation of a cup and handle pattern with neckline at $0.834 level.

As of now, Brett was exchanging hands close to $0.083 recording an impressive 8.66% intraday rise. A breakout above the neckline may validate the breakout and Brett may head for a straight 26% gains towards the $0.10 level. The bulls are leading the short term trend due to which a breakout is likely.

On the flip side, a sustenance above the $0.07 level is crucial for a bullish breakout. Despite the short term trend control the bulls lack the control of long term trend. Hence, a breach below $0.070 level could invalidate any breakout and recovery scenario. As of now the $0.83 level on the higher side and $0.07 level is crucial for the investors.

At the time of writing, RSI line was placed close to 54 points and that of the 14 day SMA line was at 46 points. Moreover a bullish crossover between both the lines was observed indicating a trend continuation in the short term.