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UseTheBitcoin Market Update (BRETT) | June 12th, 2024

Author

Rickie Sanchez

Tags

Reading time

2 mins
Last update

Author

Rickie Sanchez

Tags

Category

Videos

Reading time

2 mins
Last update

Author

Rickie Sanchez

Tags

Reading time

2 mins
Last update

x


Let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on the memecoin called Brett (BRETT).

Brett (BRETT) is a memecoin on Base that has rallied over 50% in the past week as crypto exchange Coinbase launched its smart wallet on the Base network. The BRETT token has also been listed on KuCoin.

A New Era For Memecoins

Memecoins have often been considered a fleeting trend, with many skeptics predicting their downfall. Notably, Dogecoin (DOGE), once the poster child for memecoins, has faded into relative obscurity.

The lack of recent news and developments surrounding DOGE suggests it may no longer hold the influence it once did. In contrast, Brett’s (BRETT) explosive rise indicates a potential shift in the memecoin sector.

Technical Analysis

BRETT’s price movement has been nothing short of parabolic, indicating a strong upward momentum. Analysts predict that the memecoin could form another curve, resembling a handle pattern in the classic cup and handle chart pattern. This suggests that it might continue its bullish trend, providing traders with potential buying opportunities.

For those considering an investment in BRETT, please remember that memecoins typically lack intrinsic market value. Therefore, any investment should be made with extra funds, acknowledging the high-risk nature of such assets.

Buying Opportunities

Currently, BRETT can be purchased with a relatively small amount of money. Investors are advised to watch for a potential pullback to the $0.14 to $0.11 range, identified using Fibonacci retracement levels. Buying during this dip could maximize returns if the coin continues its upward trajectory.

Final Thoughts

The coin’s current performance is based solely on smaller platforms and community-driven exchanges. Should BRETT be listed on major exchanges such as Coinbase and Binance, its visibility and accessibility could skyrocket, potentially leading to even greater market gains.

For more in-depth technical analysis like this one, make sure to subscribe and hit the notification bell on UseTheBitcoin’s YouTube channel. We post daily videos covering the crypto markets, so don’t miss out!