Base-based meme coin Brett (BRETT) has experienced a surge in price, skyrocketing by 20% in the past 24 hours. This jump was triggered by a crypto whale’s massive acquisition of 26.37 million BRETT tokens early Thursday.
The influx of demand from this large investor has ignited a buying frenzy among other market participants, which could sustain BRETT’s current price rally.
Brett Jumps by Double Digits, Thanks to Crypto Whale
According to an X post by Onchain Lens, during Thursday’s early Asian trading hours, a whale address withdrew 525 ETH, totaling $1.74 million, from Coinbase and spent 400 Ether ETH, amounting to $1.35 million to purchase 10.82 million BRETT coins at an average price of $0.124.
Subsequently, the whale acquired an additional 3.16 million of the meme cryptocurrency, increasing their total holdings to 15.55 million BRETT.
This whale activity has led to an uptick in BRETT’s demand and price in the past 24 hours. The meme coin trades at $0.137 at press time, noting a 20% hike during that period. BeInCrypto’s assessment of the BRETT/USD one-day chart has revealed that the meme coin is poised to extend these gains in the short term.
First, BRETT’s price appears ready to break above its 20-day Exponential Moving Average (EMA), which has formed a dynamic resistance level since December 12. The 20-day EMA measures the average price of an asset over the past 20 days. It gives more weight to recent price data, making it more responsive to price changes than the simple moving average.
When an asset’s price is poised to break above this key moving average, it signals a potential shift to a bullish trend, as the price is gaining momentum and may continue to rise. This breakout indicates increased market confidence and suggests that buying pressure outweighs selling pressure in the short term.
Further, readings from BRETT’s Moving Average Convergence Divergence (MACD) confirm this bullish shift. At press time, the token’s MACD (blue) is attempting to cross above the signal line (orange).
When this momentum indicator is set up this way, it indicates a potential bullish reversal or upward momentum, suggesting that buying pressure may be increasing.
BRETT Price Prediction: Can Meme Coin Overcome $0.138 Resistance?
BRETT’s price could break above the 20-day EMA if buying pressure subsists. A successful breach of the $0.138 resistance level could pave the way for the meme coin to trade at $0.168, a price high it last reached on December 17.
Conversely, if buying pressure weakens, BRETT’s price could slip to $0.126, invalidating this bullish thesis.
Disclaimer
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