BRETT, a meme coin on the Base network, has seen a 50% correction from its yearly peak, nearing a key support zone around $0.10.
The crypto market is witnessing significant activity around meme coins, with BRETT being a notable instance. Market veteran Michaël van de Poppe spotlighted this market reality, highlighting BRETT’s potential to make a substantial move if it breaks through the critical resistance level at $0.1350.
I've missed it entirely: trading on meme coins, but the volatility is massive with a ton of opportunities.$BRETT has seen a 50% correction, but could be showing some signs of relief with strong support.
A break of $0.1350 and another leg is possible for this one. pic.twitter.com/SS61qqAR6x
— Michaël van de Poppe (@CryptoMichNL) July 12, 2024
Currently, BRETT’s downturn has brought it down to a key support zone around $0.10. This area is essential for maintaining its overall bullish structure, with consolidation just above this support suggesting a potential recovery.
BRETT has experienced a notable downtrend, falling from highs around $0.17 to its current level of $0.1091. However, the chart analysis by van de Poppe shows that if the price breaks through the resistance at $0.1337, it could indicate another upward leg.
Meanwhile, in another report, Uzi, a BRETT maxi, emphasized the importance of self-discipline and self-control as crucial skills for success in the current market cycle. He recalled a previous scenario where BRETT’s market cap plummeted from 850 million to 280 million, causing widespread panic among investors.
Self discipline and Self Control are two big skills that will help you make it big this cycle.
Remember when $BRETT came down to 280M from 850M and people were losing their shit. It shot back to a billion market cap and you wished you bought more isn’t it?
Now its at 1.1B from… pic.twitter.com/GTsNoiYKkI
— Uzi $BRETT (@UziCryptoo) July 12, 2024
However, the token rebounded to a billion-dollar market cap, leaving many wishing they had bought more during the dip. Uzi highlighted the current situation where BRETT has decreased by 1 billion in market cap, noting that fear is once again gripping investors.
He urged investors to remain focused and recognize BRETT as the blue-chip asset of this cycle. He confidently predicted that BRETT would make history, potentially even inspiring a documentary and creating numerous millionaires.
Indications of Buying Interest
On the technical end, volume analysis reveals varying levels of daily trading activity, with notable increases at support levels indicating buying interest. This could support a potential bounce. The Relative Strength Index (RSI) stands at 40.90, indicating bearish territory but not oversold.
The Stochastic RSI, however, is in the oversold territory, with readings of 13.45 (K) and 16.19 (D), suggesting a possible reversal or relief bounce. The Moving Average Convergence Divergence (MACD) shows bearish momentum, with both the MACD and signal lines in negative territory and increasing red histogram bars indicating strengthening bearish pressure.
BRETT’s Previous Performance
In June, BRETT emerged as a breakout star in the meme coin bullish run, becoming the first meme coin to reach a $1 billion market cap on the Base network. Despite recent corrections, BRETT maintains a market cap of over $1.08 billion, down by 8%.
The absence of a minting function and renounced contract places the token’s trajectory in the hands of its community. The memecoin sector has seen a collective market cap surpassing $51 billion, with new projects like Rebel Satoshi Arcade (RECQ) attracting significant investor interest alongside BRETT.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
