Following a prolonged duration of correction, Brett (BRETT) is now emerging as a meme coin set for substantial growth potential in the last quarter of 2024. After Thursday’s federal reserve interest rate cut, crypto investors seem to be in an aggressive mode and are driving the price higher.
Following a notable bullish pattern over the charts, Brett has also aligned itself to get the benefit of the improved investor sentiment. A successful breakout could help Brett investors gain over 26% in the short term.
As BRETT positions itself for an explosive move, the following analysis illustrates the factors that could contribute to the price trajectory and what investors should look at while chasing profits.
Weighted Sentiment Curve Boosts Investor Confidence
Brett experienced a strong bull run in the 1st half of 2024 along with the uptick in the memecoin sector. However, the crypto has been in a correction phase since mid-June; it has dropped by over 49% since then.
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 106% to $26.7 Million intraday, indicting heightened demand. Also, the volume to market cap ratio of 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 bias.
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?
From 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 a 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, sustenance above the $0.07 level is crucial for a bullish breakout. Presently, the bulls only control the short 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 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.
