The Brett price surged 170% in five days and 22% in the last 24 hours to set a new all-time high of $0.18857 on June 7.
Accompanying BRETT’s rally to record highs is a 103% jump in trading volume to $166 million, attesting to the high trading activity and increased trader interest in the Base-based memecoin.
The stunning performance led to some speculation about whether Brett could become the Shiba Inu (SHIB) of the Base blockchain, further encouraging the token’s popularity and price increase.
Fueling the uptick is the anime-oriented Brett art that the team has been posting features many nods to well-known and popular characters, which further contributes to the project’s popularity among its community members.
Jeet Slayer: Brett pic.twitter.com/XUuZfX5v3d
— Brett (@BasedBrett) May 25, 2024
The P2B crypto exchange also announced in a May 29 post on X that they would soon list BRETT.
Source: P2B
The new listing will increase the project’s exposure, possibly grant it some new pairs, and generally make Brett available to a wider range of traders and investors.
While all of this has contributed to Brett’s surge, it has left market participants wondering where the memecoin is headed next.
Can BRETT bulls sustain the rally?
At the time of publication, BRETT was fighting resistance from the $0.170 psychological level.
As such, increased buying from the current levels would see the BTC price overcome the said resistance at $0.170 before retesting the new all-time high at $0.18857.
Breaking this level would bolster the memecoin into price discovery, with the psychological level at $0.20 and the 127% retracement level at $0.25 being the key levels to watch in the short term.
BRETT/USD daily chart
BRETT”s upside was supported by the upward-facing 50-day simple moving average (SMA) and the relative strength index (RSI). The position of the RSI in the overbought region at 81 suggested that BRETT’s uptrend was very strong.
The key levels to watch on the downside are the 23.6% Fibonacci retracement level at $0.160 and the $0.150 psychological level. Additional lines of support could emerge from the 38.2% extension level at $0.143 and later the 50% retracement level at $0.30.
