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BRETT Coin (BRETT) was trading at $0.09172 at press time, up by 2.92% for the day after a bullish recovery.
Experts pointed to the importance of the $0.08800 support level and the resistance level between $0.09500 and $0.10000. Despite mixed indicators, experts foresee the potential for further upside if key levels hold.
BRETT Price Technical Overview
BRETT price trend showed upward momentum in the short run after a reversal in its price. The coin bounced from a low near $0.08800 and was testing resistance levels at the time of writing.
The current Relative Strength Index (RSI) was 46.22, which showed slightly bearish movement but is close to neutral territory. This reading meant that sellers were firmly in charge. The recent increase indicated a potential buying pressure rebound.
Moreover, if it goes above the 50 level, it can be a signal of a more bullish outlook that may help support further gains in the price.
The MACD indicator was still bearish, with the MACD line below the signal line. Therefore, bearish pressure is expected.
Analyst Perspectives on BRETT’s Market Structure
An analyst, TurboBull21, is bullish on BRETT and explained that the recent changes in BRETT’s movements were structural.
$BRETT @BasedBrett $BRETT is looking fantastic. Broke market structure to the upside & then cemented a higher low.
— TurboBullCapital (@TurboBull21) October 22, 2024
The retest of the breakout level was successful & now price is chopping in between levels. $BRETT still looks primed for upside. Initial target is the $0.12… pic.twitter.com/dn4SkD35WK
“Broke market structure to the upside & then cemented a higher low,” he said, pointing to a successful retest of the breakout level. According to TurboBull21, the potential target for BRETT was set at $0.12, thus suggesting that BRETT is poised for higher gains in the short run.
The analyst mentioned that meme coins have seen an uplift in demand and might boost the prices of BRETT if sentiment analysis turns positive. He said, $BRETT still looks primed for upside,” which suggested confidence for an upward move. TurboBull21 also pointed to the fact that BRETT has to aggressively move forward in order to achieve the expected $0.12.
The market outlook is on whether BRETT will be able to maintain a price above key supports, while the approaching resistance level poses a downside risk to the market.
If the price moves above $0.09500, there are prospects for further upside. Conversely, the inability to maintain support may result in a continuation of sideways trading.
Analyst Warns of Meme Coin Volatility but Sees Potential Upside for BRETT
Analyst unchained_ninja explained how memecoins are extremely unpredictable, cautioning against relying too heavily on technical analysis.
Is $BERT about to break out again?
— Unchained Ninja 🐢 (@unchained_ninja) October 24, 2024
Looks like it turns the white resistance area into support. If it can hold this, I see the following targets possible (see blue arrows).
+50% at .0004269 (that's not on purpose lol)
+100% at .0005556
+132% at .0006640
It's a meme coin. It… pic.twitter.com/ZtFxdl1ozr
“It’s a meme coin. It may fck any technical analysis anytime.” He said, stressing their unpredictability. Nonetheless, he pointed out more upside targets if the coin stays above key support.
As per unchained_ninja, BRETT is likely to target $0.0004269 for the initial hit, and oversold levels can offer a 50% gain from the current levels. Other targets can be $0.0005556 and $0.0006640 if the coin continues to act bullish.
However, analysts see the possibility for significant gains if the coin sustains its current structure. Investors will keep a close eye on the $0.08800 support and $0.09500 resistance levels to determine BRETT’s next direction.