An influential crypto investor has taken a daring step in the Brett [BRETT] market by withdrawing 525 Ethereum [ETH] ($1.74M) from Coinbase to acquire 10.83M BRETT at $0.124, using 400 ETH.
The investor now possesses 12.38M BRETT valued at $1.61M and holds 125 ETH in reserve.
Currently, BRETT is being traded at $0.1342, reflecting a 15.09% surge in the last 24 hours.
This significant accumulation signifies a rising confidence in the potential of BRETT, with many traders predicting a substantial upward movement.
Brett: Potential for a major breakout
Brett is on the verge of a critical milestone as it nears a breakout from its descending wedge pattern, which is often associated with bullish reversals.
The crucial resistance level is positioned at $0.18, and a successful breach of this level could trigger a rally towards $0.24 or higher.
Moreover, the recent accumulation by the prominent investor indicates that larger investors recognize a considerable upside potential in this memecoin.
The consistent price recovery over the past 24 hours indicates the increasing market optimism as Brett aims to confirm its breakout.
Brett garners more attention
There is a growing interest in the token as indicated by Social Dominance, with a slight rise from 0.30% the previous day to 0.397.
This increase signals heightened community involvement, often aligning with stronger price dynamics.
Furthermore, the growing mentions and discussions across various platforms enhance visibility and draw in more investors.
This momentum within the community sets a positive foundation for BRETT’s price movements as excitement continues to grow.
Positive momentum revealed by technical indicators
Technical signals also suggest a strengthening bullish momentum. The MACD on the daily chart stands at -0.01025, hinting at a potential bullish crossover.
Additionally, the stochastic RSI, currently at 63.89, signifies an increase in buying pressure.
Therefore, Brett’s price action is gaining momentum, supported by favorable technical conditions. With these indicators aligning, Brett seems well-positioned for a sustained upward trend in the short run.
Liquidations and OI reflect market confidence
Brett’s total Open Interest has risen by 13.65% to $61.66M, spotlighting increased activity in the futures market.
Liquidation figures show $17.16K in short position liquidations and $12.08K in long position liquidations, indicating active positioning on both ends.
The higher liquidation of short positions signals robust buying pressure as traders betting against Brett incur losses, reinforcing the bullish trend.
Nevertheless, the existence of long position liquidations implies cautious behavior among some traders, potentially due to price volatility.
This balanced market scenario indicates a setting poised for significant movements, driven by growing participation and anticipation of a breakout.
The price movements of Brett, along with the technical indicators and increased market engagement, paint a positive picture for a bullish outlook.
The token appears ready to break above $0.18, paving the way for a rally towards $0.24 and beyond. Brett seems set to deliver substantial profits in the upcoming days.