Brett Price Prediction: BRETT Falls 21% – Are Whales Selling?
The Brett price has dropped by 24% since hitting an all-time high of $0.1933 on Sunday, with the meme token also down by 12.5% in the past 24 hours.
This comes as the crypto market as a whole has fallen by only 0.3% today, although at $0.1476 BRETT remains up by 1% in a week, 73% in a fortnight and by 340% in the past month.
Such gains make it the best-performing top-100 coin over these timeframes, yet the decline since its ATH suggests that whales are dumping their bags at the moment.
But given that the coin, which runs on Base, is still only three months old, it could rebound strongly again soon.
BRETT Price Falls 21% – Are Whales Selling?
BRETT may have been storming the market up until a few days ago, but its chart suggests that it needs to weather a little correction before it can begin enticing new buyers again.
Its relative strength index (purple) highlights the recent loss of momentum, going from more than 80 about a week ago, to just under 40 today.
Given that BRETT has fallen by just over 12% today, there’s every chance that the RSI could hit 30 or even 20 before things stabilize.
The coin’s 30-day moving average (orange) supports this view, in that it’s about to fall below the 200-day average (blue), a move which often indicates further losses.
We may therefore need to see the 30-day fall well below the 200-day before BRETT regains its former strength, with the coin about to test its support level (green).
If it can resist a clear fall below $0.145, then it may recover quickly, although the opposite case may bring losses over the next few days.
Still, BRETT’s 24-hour volume is still relatively high at $115 million today, having stood as low as $11 million barely a month ago.
Notably, these wallets belong to a group of 15 wallets that swapped 4.9 $ETH ($14.4K) for 1.86B $BRETT, or 18.6% of the total supply, within 45 minutes of the token creation on Feb 25.
And they still have 941.4M $BRETT ($132M) left! pic.twitter.com/F8S8lrLemt
— Spot On Chain (@spotonchain) June 7, 2024
But these seem like the main BRETT whales have been selling the coin over the past few days, with no new significant buys happening this week.
This bolsters the view that the meme token – which runs on Coinbase-founded L2 Base – will have to decline further before we get any more real joy.
That said, its status as a very new token should enable it to retain plenty of medium-term momentum, rising vigorously again within the next one or two weeks.
The Brett price could therefore reach $0.2 by the latter stage of the summer, potentially helped by improving rates in various jurisdictions.
Other High-Potential Meme Tokens
BRETT is undoubtedly the hottest new meme coin to have cracked the top 100 in recent weeks and months, but it isn’t the only new token with high potential.
There are also various even new meme coins which have recently launched their presales, with many of these raises significant sums and generating good momentum as they approach listing.
A great example of this comes from Sealana (SEAL), a Solana-based meme coin that has raised over $4 million in its offering.
Sleepy Joe's speech 'bout raisin' fuel 🛢️taxes and turning trucks electric ain't go down well at $SEAL Truck Fest! 😡🇺🇸
🦭 Time for #Sealana and his buddies to take matters into their own hands and make sure those god damned liberals stick their hairdryer cars where the sun… pic.twitter.com/0BDlaomsEZ
— Sealana (@Sealana_Token) June 12, 2024
SEAL’s presale has been a runaway success, and it’s now scheduled to end on June 25.
This gives interested investors less than two weeks to get involved before the coin lists, and judging by the size of its sale it could rally hard when it does hit exchanges.
It’s aiming to follow in the footsteps of other big meme coins such as WIF and BONK (as well as BRETT), with the coin already doing a good job of building a sizeable online following.
For instance, the coin’s official X account now boasts over 10,000 followers, which is impressive insofar as this account launched only in April.
As noted above, the sale will end on June 25, yet traders can join by going to the official Sealana website.
1 SEAL costs $0.022, a price which is likely to end seeming very low once the token begins listing on trading platforms at the end of the month.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
