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Base network’s largest meme coin by volume, Brett (BRETT), might be preparing for a recovery considering the price/volume disparity. While BRETT’s price has been declining, its trading volume has increased in recent hours. This contrasting image suggests that the selling pressure might be at its peak and a recovery could occur after this phase ends.
Will Brett’s Price Increase?
As of the time of writing, BRETT is trading at $0.08598, marking a 7.35% drop in the last 24 hours. During the same period, trading volume increased by over 4%, surpassing $19 million. This significant percentage difference between price and volume indicates that current investors are selling rapidly while another group of investors is eager to buy.
There are also opinions that this situation might indicate a phase where the existing selling pressure in the market could ease. The analysis of BRETT’s Relative Strength Index (RSI) supports the view that sellers might be depleting. As of the time of writing, the RSI is at 39.17 and is approaching the oversold region.
Although BRETT’s RSI value has not yet entered the oversold region of 30, its current state suggests that the asset might be undervalued and positioned for a price recovery, though this cannot be stated with certainty. If the RSI potentially falls below 30, oversold conditions could be confirmed, and the likelihood of a recovery might increase.
On the other hand, BRETT’s Chaikin Money Flow (CMF) continues to rise despite the price drop, strengthening the expectation of a price increase. The current value of CMF is at 0.07, supporting a potential price reversal.
How Much Will Brett Be Worth?
If sellers are potentially exhausted, a recovery in BRETT’s price might be observed. If buying activity intensifies after this phase, the price increase could strengthen. A change in market trends could create a scenario where the meme coin’s value reaches $0.11.
On the other hand, if the current trend continues and selling activity persists, BRETT’s value could drop to $0.05, as reflected in the charts.
