BRETT has deviated from the general market trend over the past 24 hours. During this period, the value of the meme coin has risen by 10%, making it one of the top-performing digital assets. It has outperformed major assets such as Bitcoin (BTC) and Ethereum (ETH), which have declined by 4% and 5% respectively.
As buying pressure increases, the BRETT token price may be on its way to reclaiming the all-time high of $0.19 recorded in June.
Impressive Surge Amid BTC and ETH Declines
According to the BRETT/USD daily chart analysis by BeInCrypto, the On-Balance Volume (OBV) of the meme coin has surged to 245.23 million, an increase of over 130% in the past 3 days.
The OBV indicator combines an asset's price movement and trading volume to measure buying and selling pressure. An increase in OBV during a price rise indicates strong buying pressure, suggesting the price increase is likely to continue on the back of high trading volume.
Additionally, the BRETT's Moving Average Convergence Divergence (MACD) indicator setup confirms the market's rising buying pressure. Currently, the MACD line (blue) is above the signal line (orange) for the meme coin.
This indicator tracks an asset's trend direction, changes, and potential reversal points. When the MACD line is above the signal line, it indicates an uptrend, suggesting the asset's short-term momentum is stronger than its long-term momentum.
Anonymous cryptocurrency trader Crashius also shares this bullish view. In a post on November 14th, Crashius mentioned that BRETT will surpass the Solana-based meme coin Dogecoin (WIF) despite not being listed on Coinbase yet. According to the analyst, when BRETT gets listed, "the price will skyrocket and trade at 2-6x the market cap of Wif."
BRETT Price Forecast: Breaching $0.166 to Retest All-Time High?
BRETT is currently trading at $0.164 and is approaching the $0.166 resistance level, the last obstacle before retesting the all-time high of $0.19. Sustained buying pressure could propel the meme coin above this crucial threshold and set a new peak.
However, a shift in market sentiment or an increase in profit-taking could derail this bullish outlook, potentially pushing the BRETT token price down to the $0.143 support level.
