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Brett reclaims month-to-date high after Upbit exchange listing

GrafaGrafa2024/08/21 06:20
By:Mahathir Bayena

The Base-based meme coin Brett (CRYPTO:BRETT) experienced a significant price surge of 36% in the last 24 hours following its listing on the leading South Korean cryptocurrency exchange, Upbit. 

At the time of reporting, BRETT is trading at $0.10, with indications pointing toward further potential gains.

This rally is driven by strong buying pressure, evidenced by a substantial increase in trading volume, which reached $66 million, marking a 193% rise within the same period. 

The simultaneous spike in both price and trading volume suggests genuine market interest and strong market activity, rather than speculative trading. 

This demand is further supported by technical indicators.

The Relative Strength Index for BRETT is trending upward, nearing the neutral 50 line, currently standing at 49.39. 

The RSI measures the momentum of an asset, and a move above the 50 line could indicate increasing bullish momentum. 

If the RSI continues to rise and crosses above 50, it would reinforce the signal that buying pressure is growing and selling pressure is easing.

Another key indicator, the Chaikin Money Flow, is also positive, sitting at 0.04, which suggests that there is a liquidity inflow supporting the uptrend. 

A CMF value above zero typically indicates market strength, with money flowing into the asset.

In the derivatives market, BRETT's trading volume has surged by 282% in the last 24 hours, with open interest rising by 112% to $37 million. 

A spike in open interest generally signals that more traders are entering new positions, which is often viewed as a bullish indicator.

Given these factors, BRETT’s next price target is $0.11, provided that the current buying momentum continues. 

However, any significant profit-taking could result in a pullback, potentially lowering the price to around $0.09 if selling pressure intensifies.

At the time of writing, Brett is priced at $0.08895.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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