The meme coin Brett (BRETT), built on the Base network, could be gearing up for a rebound as a price/volume divergence emerges.
While BRETT’s price has been declining, its trading volume has surged. This contrast suggests that selling pressure might be nearing its peak, potentially setting the stage for a recovery.
Brett May Be on the Verge of Rebound
As of now, BRETT is trading at $0.085, marking a nearly 10% decline over the past 24 hours. In the same timeframe, its trading volume reached $19 million, a 13% increase. This divergence between price and volume suggests that holders are offloading their positions.
However, it also signals that the market might be approaching a tipping point where selling pressure could ease. At this stage, buyer interest typically resurfaces, which could lead to a price rebound.
An analysis of BRETT’s Relative Strength Index (RSI) supports the likelihood of sellers reaching exhaustion. Currently, the RSI sits at 39.17, approaching the oversold territory.
The RSI measures whether an asset is overbought or oversold on a scale of 0 to 100. A reading above 70 indicates overbought conditions and a potential correction, while a value below 30 signals oversold conditions and a possible rebound.
Although BRETT’s RSI hasn’t entered oversold territory yet, the current reading suggests that the asset might be undervalued and positioned for a price recovery. If the RSI dips below 30, it would confirm oversold conditions, making a rebound highly likely.
Read more: 7 Best Base Chain Meme Coins to Watch in June 2024
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Author: Abiodun Oladokun
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