The meme coin craze doesn’t appear to be ending anytime quickly, as Brett’s price rise suggests.
The brand new meme coin has described itself as PEPE’s finest pal on the Base chain. Nevertheless, traders may wish to keep away from it.
Brett Might Not Be a Good Wager
Brett’s price has seen an enormous 113% rise within the final 4 days, bringing the token’s worth to $0.18. The meme coin now stands inches away from reaching the price of $0.20, which might lead to one other all-time excessive for the asset.
Nevertheless, the probabilities of this taking place are bleak for the reason that meme coin has already been overbought, as seen on the Relative Energy Index (RSI). RSI is a momentum oscillator that measures the velocity and alter of price actions. It ranges from 0 to 100, with values above 70 indicating overbought situations and beneath 30 indicating oversold situations.
Since BRETT is overbought, a zone synonymous with corrections, it might not be shocking to see a dip within the coming days.
That is extra possible as a result of crypto merchants are pining for the price to fall. This may be noticed in liquidations on the community. Over $840,000 price of brief contracts have been liquidated within the final ten days.
The excessive liquidation can also be a sworn statement to the massive variety of brief contracts open within the futures market in the mean time.
Learn Extra: 7 Greatest Base Chain Meme Cash to Watch in June 2024
Thus, BRETT is very inclined to correction.
BRETT Value Prediction: Up or Down?
Brett’s price will possible decline since many components stand in opposition to a possible rally. This places the meme coin beneath the specter of a drop to $0.16 or decrease. It’s presently buying and selling at $0.17.
If the aforementioned situations are thought of, BRETT may observe a drawdown to $0.14, and heavy profit-taking may prolong this decline to $0.10.
But when meme coin lovers go for HODL, the altcoin may probably proceed its rise. This may lead to a rally of $0.20, which might invalidate the bearish thesis.
Disclaimer
According to the Belief Undertaking tips, this price analysis article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. At all times conduct your personal research and seek the advice of with an expert earlier than making any monetary selections. Please word that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.