Whales Drive BRETT Coin Price by 9% Amid Increased Buying Activity

BRETT coin is an emerging player in the memecoin market. BRETT coin price has experienced a remarkable 9.18% surge in price over the last 24 hours. The spike comes as a result of significant whale activity, drawing attention to the token’s recovery phase after a recent pullback.

According to OnchainLens, a whale withdrew 525 ETH ($1.74 million) from Coinbase and spent 400 ETH ($1.35 million) to purchase 10.83 million BRETT tokens at $0.124. This whale now holds a total of 12.38 million BRETT tokens, valued at $1.61 million, with an additional reserve of 125 ETH ($412,000), sparking speculation that more purchases could follow.

This whale activity, accounting for a notable portion of the day’s trading volume, has reignited market interest in BRETT. With trading volumes reaching $52.86 million in the past 24 hours.

BRETT Coin Technical Analysis

The BRETT/USDT pair is now trading at $0.13596, struggling to bounce back after a decline. Nevertheless, the token has been consolidating within the 13-day MA at $0.13230 and the 49-day MA at $0.14436.

The 13-day MA is now acting as the immediate support level after the price broke it during the recent rally.

At the same time, the 49-day MA remains a key resistance level and a breakdown of this level may open the door for more gains. If this level cannot be breached, bears may exert pressure again especially if price drops back towards the 13-day MA.

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RSI is at the moment at 46.82, which is just below the midpoint of 50, commonly considered to be neutral. This is suggestive of a persistent improvement in the buying pressure but more buying pressure is required to assure a bull market. A move above 50 RSI could bring in more buyers while a drop below 40 RSI could signal a shift back to bearish territory.

Support and Resistance Levels in Focus

The key support for BRETT is at $0.13230, which corresponds to the 13-day MA and has stabilized the current price rebound. A further level of support is observed at $0.12000, which is an important barrier that traders will watch if the price cannot continue its current growth.

On the upside, the first barrier is at $0.14436, which is anchored on the 49-day moving average. If price manages to break out above this level, it would open the door for the retest of the swing high at $0.15167 which may signal the continuation of the bullish momentum. But, a break through these resistance levels will need strong buy signals which are not seen clearly yet.

What Next for BRETT Coin Price?

BRETT’s market outlook remains indecisive, with investors expressing optimism mixed with some level of concern. This is because the price is rising while trading volume is moderate. It does not reflect the strong bullish trends that are usually characterized by high trading volumes. Whales are being watched by traders as any more buying may set the market sentiment solidly in the bullish territory.

In a bullish market, a break above $0.14436 could see BRETT gain further to $0.15167. Potentially higher as buyers come into the market. On the other hand, if the price fails to hold at $0.13230, the next level of support would be $0.12347. Support can also be at $0.12000, which would be a bearish sign.