Altcoins
Market veteran sees this altcoin rallying 300% amid bullish flag pattern
Veteran analyst Ali Martinez spots a bullish flag setup in the BRETT/USDT pair, predicting a potential 300% surge that could push the price to a new all-time high.
By Martinez analyses comes as BRETT looks to ride out the current market rally to reclaim lost ground. The meme coin has recovered some losses amid a 20.57% spike yesterday, but remains 30% below its ATH. Martinez cited a bullish flag pattern forming on BRETT’s daily chart as the basis for his conviction.
The bullish flag could lead to a new all-time high at $0.63
The bull flag pattern is a strong bullish continuation signal. It consists of two parts: a sharp upward move (flagpole) and a period of consolidation with declining trend lines (flag).
In the case of BRETT, the flagpole was formed during a strong rise from mid-May to early June. On the other hand, the flagpole includes a descending channel formed from mid-June until now. This channel is due to a massive correction from the June highs.
According to Martinez, BRETT could experience a significant price movement if it maintains a close above $0.15. He suggests that this breakout could push BRETT to a new all-time high of $0.63, which represents a 300% increase from current prices.
Martinez’s chart shows several key Fibonacci retracement and extension levels, which are crucial for identifying potential areas of support and resistance. Specifically, these levels range from lower levels, such as $0.046442 and $0.061155, to higher critical points such as $0.130956 and $0.196013.
Potential price targets based on Fibonacci extensions suggest that if the bullish flag pattern is realized, BRETT could reach levels around $0.327276. Other targets include $0.427698 and even $0.628211. Martinez believes that a breakout above $0.15 would be a critical indicator of future price action. Such a breakout would confirm the bull flag pattern.
BRETT Current Market Conditions
Meanwhile, BRETT is currently trading at $0.13880 at the time of reporting. The current price action is supported by various technical indicators, including Ichimoku Cloud and Aroon Indicator.
The Ichimoku Cloud helps assess the momentum and direction of the trend. Key components for BRETT include the Conversion Line (Tenkan-sen) at $0.13576, the Base Line (Kijun-sen) at $0.13880, and the Leading Span A (Senkou Span A) and B (Senkou Span B) at $0.13037 and $0.13006, respectively.
BRETT is trading near the Base Line (Kijun-sen), indicating a neutral position within the Ichimoku Cloud. A break above the cloud could signal a continuation of the uptrend, aligning with Martinez’s bullish outlook.
Additionally, the Aroon indicator shows an Aroon Up reading of 0.00% and an Aroon Down reading of 42.86%. Aroon Up indicates how many days have passed since a 25-day high. Meanwhile, Aroon Down measures how many days have passed since a 25-day low. The current reading suggests a downtrend, as Aroon Down is significantly higher than Aroon Up.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Announcement-