BRETT Price Up 8% This Week: Will the Uptrend Continue?

The price of base-based memecoin Brett (BRETT) has increased by 8% in the last seven days. It broke above the horizontal neckline of $0.1000 and reached its highest level in two months. BRETT price could gain even more upside as it recorded a breakout from the falling wedge pattern this week.

Furthermore, it has climbed above the major EMAs, indicating a bullish bias. This contrast suggests that selling pressure may be ending, potentially setting the stage for an uptrend.

In addition, the behavior of investors also indicated this BRETT crypto will turn bullish again and may maintain the ATH region soon. Since the beginning of October, the BRETT cryptocurrency has seen buyer accumulation from lower levels. It is up over 38% in the last 20 days.

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BRETT price sees bullish signals: Is a rally imminent?

The BRETT price reached a monthly high of $0.1052 and registered a weekly increase of over 8.20%. With the increasing positive developments, the token continued to gain investor interest. The uptrend was intact and the memecoin had a significant accumulation of whales.

Large transactions recorded an increase of over 3.79%, conveying a bullish belief. Bulloro is a crypto analyst. He said this in a recent tweet on X BRETT tokens has broken out of the inverted head and shoulders pattern.

This happened after a retest of the 20-day EMA level. It could be approaching its ATH zone in November and showing bullish signs.

$BOARD is about to enter the most explosive uptrend.

We have broken out of the inverted head and shoulders pattern, completed the retest and are now on our way to a new high.

I expect this to happen in November as the election approaches.

🔜 $80 billion $BOARD pic.twitter.com/LKuxiI0HnC

– Bulloro (@bullorochanel) October 18, 2024

Furthermore, the 50% Fib level was at $0.1080, which could be a good entry for a long position. A daily close above $0.1220 would trigger further uptrend. It could soon reach the ATH level of $0.1939 again.

On-chain data and technical indicators support the uptrend

At the time of this writing, the MACD value was positive. Those too BRETT price was above the key EMAs, which supported the upswing. The Relative Strength Index (RSI) line remained above the midline area of ​​59 at press time, providing bullish indications.

Furthermore, the On-Balance Volume (OBV) recorded an increase to 4.212 billion, which represents a significant accumulation. Taking this indicator into account, buyers had overtaken sellers. The price action suggests that the memecoin has formed a series of higher highs and has experienced bullish momentum.

In addition, media hype supported the rise. According to Messari’s data, users speculated about this BRETT tokens on the X platform.

In the last three months, the number of followers has seen a massive increase. The number of followers on X reached 117.56k and saw significant growth.

Likewise, the OI-weighted funding rate remained positive over the past four weeks and stood at 0.0092% at press time. This positive rate indicated the continued demand for the long positions.

The long/short ratio was found to be around 0.8804, slightly favoring the rise. Short positions have been covered in recent sessions. The immediate support zones for BRETT crypto were $0.09970 and $0.09910. At the same time, the upside hurdles were at $0.1120 and $0.1230.