The Brett price surged 21% in the last 24 hours to trade at $0.1141 as of 01:02 a.m. EST on trading volume that soared 66% to $118 million.
Brett Price Indicators Signal A Potential Bullish Trend Continuation
According to the BRETT/USD chart analysis on the 4-hour timeframe, the overall trend appears to be shifting from bearish to bullish. There was a prior downtrend in September, followed by a clear bottoming formation around early October, indicating a potential reversal.
The Brett price has recently made a sharp rise as the bulls capitalized on the double bottom pattern within the $0.08 support, according to data from GeckoTerminal .
BRETT now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the bullish trend.
Moreover, the Relative Strength Index (RSI) value is at 80.53, which places it in overbought territory (above 70 typically indicates overbought conditions). This could mean the asset is overextended in the short term and might face some consolidation or a pullback soon. However, in strong uptrends, the RSI can stay overbought for extended periods.
The Moving Average Convergence Divergence (MACD) lines (blue and orange) are trending upward, with the blue line above the orange (positive MACD crossover). This indicates increasing bullish momentum. The histogram (green bars) is also expanding above the zero line, further supporting the bullish outlook.
BRETTUSD Chart Analysis Source: GeckoTerminal.com
Brett Price Prediction
The Brett price is currently on strong bullish momentum as the bulls capitalize on the double-bottom pattern. Major indicators, including the RSI and MACD, also show that Brett’s price is currently on a positive trajectory.
If the current trend continues, BRETT could soar even higher, as the bulls target $0.14.
Conversely, if the bears capitalize on the asset now being overvalued, BRETT could plunge, with $0.093 acting as the next possible support.
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