BRETT crypto reaches record high, experiences dip, and surprises with more!

• Despite a 7.55% drop from its All-Time High (ATH), BRETT continues to attract positive sentiment.
• Analysts suggest a potential price dip to $0.14 before a rebound takes place.

On June 9th, the memecoin BRETT, developed on Base, the Coinbase layer-2, surged to a new ATH. The price of BRETT reached $0.19 on that day.

This increase in price pushed the market cap close to $2 billion before it pulled back. Currently, BRETT is trading at $0.16 with a market cap of $1.61 billion.

Over the past 24 hours, the token has seen a 7.55% decrease in its price. While this drop may be attributed to profit-taking, BRETT has still shown a remarkable 375% increase in the last month.

Source: CoinMarketCap

What’s Next for BRETT?

BRETT, dubbed “PEPE’s best friend,” was introduced by developers on the Base Chain in February 2024 as a response to the dominance of memecoins built on Solana (SOL). With a growing community, BRETT has become the most valuable cryptocurrency on Base.

Even with the recent price drop, the overall sentiment surrounding BRETT remains optimistic. This positive outlook is supported by data from Santiment, indicating a broader bullish perception of the token.

Santiment’s Weighted Sentiment, which gauges online comments about a project, displays a positive sentiment. Conversely, a negative value of the metric suggests a higher bearish sentiment on social platforms. Social dominance, another metric examined by AMBCrypto, can impact BRETT’s price movement.

When BRETT reached its ATH, social dominance spiked to 0.56, indicating increased discussion about the cryptocurrency. While this spike may signal a local top in terms of price, the subsequent drop in social dominance may present a buying opportunity before BRETT embarks on another rally.

Source: Santiment

Potential Price Movements

It is conceivable that BRETT’s price could drop further, potentially reaching $0.14 or even $0.12. However, if buying pressure increases, this bearish scenario could be overturned, leading to a price surpassing $0.20.

Technical indicators suggest that BRETT may experience a pullback. The Fibonacci levels on the 4-hour chart indicate potential support levels at $0.12 and $0.15, depending on the intensity of selling pressure and bullish defense.

Despite bearish signals from the Awesome Oscillator and MACD, a resurgence in buying interest could reverse the current downward trend in BRETT’s price.

With the MACD reading in the negative and the EMAs showing a bearish crossover, caution is advised for potential buyers and sellers alike as BRETT navigates its price action.

Source: TradingView

Curious about BRETT’s market cap in PEPE terms? Let’s find out.

With the potential for price declines to $0.14 or below, there is uncertainty in BRETT’s near-term trajectory. However, a resurgence in buying pressure could propel the price beyond $0.20.

Stay tuned for more updates on BRETT to navigate the fluctuations in the market.