The Brett price surged over 14% in the last 24 hours to trade at $0.1045 as of 11:45 p.m. EST as investors go long on the meme coin .
Despite this recent uptick, the BRETT price is still down more than 12% on the weekly timeframe. The crypto’s monthly performance is also over 9% in the red.
The Brett Price Breaks Above A Major Resistance Level
4-hour chart for BRETT/USD (Source: GeckoTerminal )
The Brett price managed to overcome the major resistance level at $0.0988 in the past couple of hours. Closing the next two 4-hour candles above this key mark could give the meme coin the foundation needed to rise to the next technical barrier at $0.1376.
On the other hand, BRETT falling below $0.0988 within the upcoming 8 hours might invalidate the bullish thesis. In this alternative scenario, the crypto could be at risk of falling to the $0.0794 support. Continued sell pressure should the altcoin drop to this point might then lead to the Brett price falling to as low as $0.0591 in the short term.
Brett Price Showing Bullish Strength
From a technical perspective, indicators suggest BRETT could keep rising in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bullish.
During the last 24 hours, the MACD line collapsed towards the MACD Signal line. Buyers were, however, able to prevent the two lines from crossing. As a result, the MACD line bounced off of the MACD Signal line.
The margin between the MACD and MACD Signal lines has since been expanding. Traders might see this as a sign that BRETT is in a positive trend, and that its bullish momentum is growing stronger.
Meanwhile, RSI readings have been increasing through the course of the past trading day. With the current RSI value above 50, it seems buyers have the upper hand against sellers. What’s more, the positive slope of the RSI line suggests bulls are still accumulating strength against their bearish counterparts.
