The price of Base-based memecoin Brett (BRETT) has surged 8% in the past seven days. It has broken above the $0.1000 horizontal neckline and reached its highest trajectory in two months. BRETT price could gain more upside as it broke out of a falling wedge pattern this week.

Moreover, it has risen above the key moving averages and leads a bullish bias. This contrast suggests that the selling pressure may be over, which may set the stage for a bullish trend.

Moreover, the behavior of investors indicates that the BRETT cryptocurrency will regain bullish momentum and may soon retain the new high zone. Since the beginning of October, the BRETT cryptocurrency has witnessed accumulation of buyers from lower levels. It has surged by more than 38% in the past 20 days.

Brett Price Sees Bullish Signals: Is a Rally Coming?

BRETT price hit a monthly high of $0.1052 with weekly gains of over 8.20%. The coin continues to attract investor interest amid positive developments. The bullish trend remains intact and the memecoin shows significant whale accumulation.

Large transactions surged by more than 3.79%, which gave bullish conviction and the BRETT token has broken out of an inverse head and shoulders pattern.

This happened after retesting the 20-day EMA. It is likely to approach the new high zone in November and show bullish signs.

Moreover, the 50% Fibonacci level is at $0.1080, which could be a good entry point for long positions. A daily close above $0.1220 will trigger further gains. It could soon revisit the new high mark of $0.1939.

On-chain data and technical indicators support a bullish trend

As of this writing, the MACD reading is positive. Moreover, the BRETT price is above key moving averages, which supports the rebound. At press time, the Relative Strength Index (RSI) line remains above the midline area of ​​59, giving a bullish signal.

Moreover, the On Balance Volume (OBV) surged to 4.212 billion, indicating significant accumulation. Considering the view of this indicator, buyers have outnumbered sellers. The price action shows that memecoin has formed a series of higher highs and is witnessing bullish momentum.

Additionally, media buzz has contributed to its rise, with users speculating on the BRETT token on the X platform.

In the past three months, X's number of followers has reached 117,560, a significant increase.

Likewise, the OI weighted funding rate has remained positive for the past four weeks and is at 0.0092% at press time. This positive rate indicates continued demand for long positions.

The long-short ratio is around 0.8804, slightly favoring the upside. The short positions have been covered in the past few sessions. The immediate support areas for the BRETT crypto are $0.09970 and $0.09910. Meanwhile, the upside hurdles are $0.1120 and $0.1230.