(24 June 2024, 17:17 PM IST):
In the cryptocurrency market, memecoins have captured significant attention recently with their meteoric rises. Among these, Brett, Turbo, and Ponke have stood out. Over the past three months, Brett coin saw a remarkable surge, jumping by an impressive 190.4%. Just 15 days ago, Brett hit an all-time high (ATH) of $0.1939, surpassing the Solana blockchain-based Bonk coin in market capitalization and securing the 6th spot among memecoins.
However, the crypto market is notorious for its volatility. Since reaching its peak, Brett has experienced a significant pullback, dropping to $0.1312 – a 32% decline from its ATH. This sharp decline can be attributed to two main factors: profit-taking by early investors and a broader bearish trend in Bitcoin (BTC), which often influences the entire crypto market. As a result, Bonk has reclaimed its position as the 6th largest memecoin by market cap.
What’s Next?
Analyzing Brett’s recent price movements reveals that it has formed an ascending triangle pattern on the 1-hour chart. This pattern indicates a potential for further price action. Currently, Brett could drop to the $0.1217 level, where it may find support. If it does find support at this level, a recovery could be on the horizon. However, if the bearish trend continues and Brett fails to hold at $0.1217, we might see an additional 9% decline.
While the short-term outlook appears uncertain, the support level at $0.1217 will be crucial in determining whether Brett can bounce back or if it will continue to slide.
