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Starting a bullish cycle within a triangle pattern, BRETT teases a breakout rally as the meme coins gain traction. With an engulfing candle in the making, will BRETT make a new all-time high soon?
With a 10% intraday jump, BRETT is among the top-performing meme coins in the last 24 hours. The price jump creates a morning star pattern to signal a bull cycle and undermines the 10% drop in the previous 48 hours.
Forming a symmetrical triangle pattern in the daily chart, the overall BRETT trend faces volatility contraction. As the ongoing recovery teases a bullish conclusion to the triangle pattern, the buyers anticipate a 40% jump ahead.
BRETT Ends The Bearish Streak With 10% Jump
In the daily chart, the BRETT price trend finds support at the $0.10 psychological mark to start the ongoing recovery. However, the buyers failed to surpass the overhead trendline, resulting in a four-day price fall to the support trendline at $0.12.
Kickstarting the bull cycle, the intraday jump forms a bullish engulfing candle and completes a morning star pattern. Approaching the overhead trendline, the refreshed bull run pushes BRETT towards the bottleneck portion.
Retracing the pullback phase with the trend-based Fibonacci levels, BRETT heads to the 23.60% Fibonacci level. Further, the daily RSI line shows a similar uptrend in motion, close to the halfway line, teasing a crossover with an uptick.
Michael’s Bullish View Supports BRETT’s Breakout Rally
Supporting the bull run, the recent tweet from Michael Van De Poppe bolsters the bull run chances in BRETT.
I've long been a day trader, and memes are great for that perspective.
A ton of volume.
And there is a ton of volatility.When it comes to $BRETT, I'd like to search for longs here from this area at $0.125-0.1325 to $0.170 as a clear identification for a potential upward run. pic.twitter.com/hWmSjCZGJa
— Michaël van de Poppe (@CryptoMichNL) July 26, 2024
Due to the increased trading volume and growing volatility in memecoins, Michael says it’s suitable for quick moves. As per Michael, BRETT gives an excellent buying opportunity in the zone of $0.125-0.1325 for an upmove to $0.170.
In the 4H chart, the recent reversal from the support trendline leads to an uptick in the MACD and signal lines, generating a bullish crossover. Further, the ongoing recovery surpasses the 23.60% Fib level, traced in the 4H timeframe.
Currently, BRETT trades at $0.13157, with an ongoing streak of bullish candles in the shorter timeframe.
Will BRETT’s Triangle Break Hit $0.20?
The intraday jump crosses above the 50D EMA and challenges the 20D EMA as it approaches the overhead trendline. Further, with increased volumes and the broader market recovery, the meme coin will likely give a bullish breakout.
As per the Fibonacci levels, the breakout rally in BRETT can scale up to the 61.80% Fib level at the $0.20 mark, potentially reaching $0.25.