The price of Brett (BRETT) dropped by 7.55% from its All-Time High (ATH) but sentiment around the token remained bullish. Indicators suggested that the price might drop to $0.14 before experiencing a bounce. On June 9th, Brett reached a new ATH of $0.19 before falling to $0.16 with a market cap of $1.61 billion. The token, known as “PEPE’s best friend,” was developed on Base, the Coinbase layer-2, in response to the dominance of meme coins built on Solana (SOL). Despite the price decrease, the sentiment surrounding Brett remained positive, as reflected in Santiment’s data analysis.
The Weighted Sentiment metric, provided by the on-chain analytic platform, measures online comments about a project. A positive reading indicates a bullish perception, while a negative value suggests bearish sentiment. When Brett’s price hit its ATH, social dominance increased, indicating a surge in discussions about the cryptocurrency. This could potentially signal a local top and may have contributed to the subsequent price retracement. However, a decrease in social dominance could present a buying opportunity before Brett begins another rally.
It is possible that Brett’s price may go even lower, potentially dropping to $0.14 or even $0.12. Technical indicators on the 4-hour chart, such as the Fibonacci levels and the Awesome Oscillator (AO), suggest that the token’s value could experience further downward movement. The Moving Average Convergence Divergence (MACD) reading was negative, and the position of the Exponential Moving Averages (EMAs) indicated a potential decline. If buying pressure resumes, the bearish outlook could be invalidated, and the price may rise above $0.20.
In conclusion, while Brett has experienced a drop in price from its ATH, the overall sentiment towards the token remains positive. Technical indicators suggest the possibility of further downward movement before a potential bounce occurs. Traders and investors should monitor key levels, such as $0.14 and $0.12, for potential entry or exit points. It is essential to stay informed of market trends and sentiment to make informed decisions about Brett and other cryptocurrencies.
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