After recent Defi tokens surged, most meme coins are now on the rise this week as volume flows into the industry. Brett’s price appears strong, leading altcoins rally following an impressive surge since yesterday.
Throughout last week, Brett showed weakness as it posted several losses after resuming bearish actions an inch above $0.1 in the preceding week.
Surprisingly, it rejected the $0.074 level yesterday and remained calm. Holding this level as support, Brett initiated a surge a few hours ago and exploded massively to a daily high of $0.117. This brought a spike to its channel’s upper boundary but is now trading at $0.1 due to a rejection.
Despite that, the price is still looking strong on the daily chart. A surge above this falling channel could activate a short-term buy to $0.197 – June’s high – before making a complete shift in the market structure.
Considering the latest sharp rejection, which could result in a daily ill-gain, it may resume selling if supply continues to outweigh demand. If that happens, its four-month low would be the next target for the bears.
Currently, Brett’s market cap stands at $1.1 billion due to an impressive volume inflow in the past week. Following the lower low and lower high trend since it topped out in June, the sentiment remains bearish on the daily chart.
Brett’s Key Levels To Watch
If Brett continues to respect this falling channel, we can anticipate a new lower-low movement to the $0.074 and $0.0585 support levels. Breaking lower could plunge the price to $0.04, close the bottom.
$0.12 remains a key resistance level to watch for a channel breakup. If that comes into play, the $0.154 and $0.17 resistance levels would be the next target for a buy.
Key Resistance Levels: $0.12, $0.154, $0.17
Key Support Levels: $0.074, $0.0585, $0.04
- Spot Price: $0.1
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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