BRETT’s price has faced significant pressure following the hacking of its official Twitter profile, which posted suspicious links to an airdrop. The hacking event sparked panic among investors, with BRETT price decreasing more than 10% in the last 24 hours.
Despite this setback, BRETT remains the biggest meme coin on the Base ecosystem, commanding considerable attention and market share. While technical indicators suggest potential moderation in the downtrend, the coin’s dominance in the ecosystem could help it weather this storm and regain momentum.
BRETT’s Twitter Profile Hacking Sparked a Strong Correction
BRETT Twitter profile started posting a strange link to an airdrop a few hours ago. It kept posting again, and that tweet was inserted as a fixed one on its profile. After the market became aware of the possible hacking, BRETT price started to fall.
That price dump strongly impacted BRETT’s metrics. BRETT Average Directional Index (ADX) has decreased from 34 to 30.8, indicating a potential shift in trend strength.
The ADX measures the intensity of a market trend, helping traders understand whether an asset is experiencing a strong directional move or consolidating.
The ADX ranges from 0 to 100, with key interpretations at different thresholds. A reading above 25 suggests a strong trend, while values between 25-50 indicate a robust trend. BRETT’s current ADX of 30.8, though still indicating a strong trend, has slightly weakened from 34.
This subtle decline might signal a potential moderation in the current downtrend, suggesting the correction could be losing some momentum while still maintaining significant directional strength.
BRETT Is Not In the Overbought Zone Anymore
BRETT’s Relative Strength Index (RSI) plummeted from nearly 90 to around 55 in just 24 hours. This dramatic drop coincides with a price decline of over 10%.
The RSI is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in a trading asset.
The RSI typically ranges from 0 to 100, with key thresholds at 30 and 70. An RSI below 30 suggests an asset might be oversold and due for a price rebound, while an RSI above 70 indicates potential overvaluation.
At 55, BRETT RSI suggests the asset is moving towards a more neutral territory after being previously considered extremely overbought.
BRETT Price Prediction: A Recover After The Recent Dump?
BRETT’s technical indicators suggest a potentially bearish scenario. If the price drops below its shortest Exponential Moving Average (EMA) line while short-term EMA lines remain above long-term lines, this could signal further downward momentum.
If the current downtrend continues, the potential support level at $0.158 might be tested, indicating a more severe market correction. However, even after the recent price dump, BRETT is still the biggest meme coin in the Base ecosystem.
Despite the recent negative sentiment potentially stemming from hacking news, BRETT price could experience a quick recovery. The market’s resilience might allow the asset to rebound and test the resistance level at $0.236 again.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
