Over the previous week, BRETT has surged by 63.24%, demonstrating robust purchasing momentum.
This upward pressure has extended to the daily timeframe, resulting in a 39.38% rise and positioning the cryptocurrency for potential continuous expansion.
Encountering Resistance Levels as a Test
The latest analysis by CryptoCrypto indicates that there is further upward potential for BRETT, with a possible gain of 29.46% aiming for a price target of $0.19550.
However, to realize this upward movement, BRETT must overcome two significant resistance levels. The initial barrier sits at $0.15030, followed by $0.17160, where notable selling pressure is expected.
Failure to breach the initial resistance at $0.15030 might result in a pullback towards the demand zones ranging from $0.13474 to $0.11912.
At these levels, BRETT could either find interim support before a further decline or encounter enough buying pressure to sustain an upward trajectory.
Aiming for a Price Target of $0.195
Based on on-chain activities and market participants’ behavior, BRETT seems poised for a bullish trend and could target $0.195.
Recent data shows that BRETT’s Open Interest (OI) has risen by 58.26% to $72.73 million, indicating increased market activity and positive sentiment surrounding the cryptocurrency.
A high OI often signifies heightened engagement and more long positions, particularly in futures contracts, as monitored by Coinglass.
Furthermore, BRETT’s long-to-short ratio slightly favors long positions, with a reading of 1.0032, suggesting a more bullish sentiment in the market.
When this aligns with price upsurges, as observed in BRETT’s recent performance, it typically indicates sustained bullish momentum.
Considering these metrics, BRETT appears well-positioned for further growth, potentially reaching the projected target of $0.195.
Technical Indicators Present Mixed Outlook
While BRETT’s recent surge demonstrates strength, technical indicators offer conflicting views on its sustainability.
The Parabolic SAR (Stop and Reverse) indicator, currently indicating bullish momentum with dots below BRETT’s price, suggests a potential for ongoing growth.
In contrast, the Relative Strength Index (RSI) stands at 72.79, signifying an overbought condition for BRETT.
The elevated RSI level indicates a likelihood of momentum decline, potentially leading BRETT to a short-term correction before any sustained upward movement.
Although BRETT remains in a bullish zone, the conflicting signals underline the need for cautious optimism due to the possibility of a shifting momentum.