This Meme Coin Set for 40% Rally, Insights from Recent Price Action

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Amid the ongoing market reversal, Brett (BRETT), a meme coin that recently gained massive attention from the crypto community with an impressive price surge, is again poised for a significant upside rally. BRETT, the official mascot of the Base Chain, recently gave a breakout from a bullish price action pattern and has shifted the sentiment to an uptrend.

According to the expert technical analysis, BRETT appears bullish after recently breaking out from a descending trendline and a bullish inverted Head-and-Shoulders pattern. Additionally, it has successfully retested the neckline and is now heading in an upward direction.

Based on the price action and BRETT’s daily chart, there is a strong possibility that the meme coin could soar by 40% to reach the $0.15 level in the coming days. Additionally, if the sentiment persists, it could rally another 30% to reach the $0.20 level.

BRETT’s Relative Strength Index (RSI) suggests a significant upside rally, as its value currently lies in oversold territory.

Despite the bullish technical analysis, BRETT’s on-chain metrics indicate that traders are currently exiting their positions or their positions were liquidated during the recent price correction. According to the on-chain analytics firm Coinglass, its open interest has dropped by 8% over the past 24 hours. 

As of now, the major liquidation levels are near $1.055 on the lower side and $1.083 on the upper side, with traders over-leveraged at these levels, according to Coinglass data. 

If the market sentiment remains bullish and the price rises to the $0.1083 level, nearly $91,640 worth of short positions will be liquidated. Conversely, if the sentiment shifts and the price drops to the $1.055 level, approximately $268,850 worth of long positions will be liquidated.

Combining these on-chain metrics with technical analysis, it appears that bears are currently in control, though BRETT’s daily chart still looks bullish. According to the chart, if BRETT holds above the $0.0949 level, the bullish outlook will remain intact; otherwise, it will fail.

Currently, BRETT is trading near $0.1073 and has experienced a price drop of 2.65% over the past 24 hours. During the same period, its trading volume declined by 25%, indicating reduced participation from traders and investors compared to the previous day.