- Brett experienced a strong upswing while the overall market was in a slump.
- Despite the technical signals, positive sentiment around Brett remains strong.
As of the latest update, the cryptocurrency market is in a slump, with various altcoins showing bearish trends on their daily charts. Additionally, according to CoinGecko, the total market capitalization of meme coins was $65.7 billion as of May 31, a decline of 4.6% in the past 24 hours.
BRETT TOPPS MEME COIN MANIA
Reflecting broader market trends, Brett [BRETT]Popular meme coin Bitcoin also fell 5% in the past 24 hours.
However, over the past seven days, BRETT has experienced a significant increase of 67.61%.
Adding further excitement to the Solana-based meme coin, crypto investor and content creator @henokcrypto stated on X (formerly Twitter):
“$BRETT hits new high despite market decline this week.”
He added with a touch of sarcasm:
Source: Henok/X
However, a closer look at the technical indicators shows signs pointing to a potential pullback.
The Relative Strength Index (RSI) is showing that the coin is in the overbought zone, while the Moving Average Convergence Divergence (MACD) indicator is also suggesting a strong bearish move.
Source: TradingView
The publicity worked in Brett’s favor.
AMBCrypto reviewed sentiment data, which suggests that despite a slight drop in price on May 31, positive sentiment surrounding Brett outweighed negative sentiment.
Moreover, the line on the price movement graph is almost flat, suggesting that people are still positive and stable about BRETT’s bullish performance.
Source: Santiment
In the words of Jordan Welch:
Source: Jordan Welch/X
It’s too early to predict what the future holds for Brett, but one thing is for sure: the hype surrounding this meme coin could be promising.
