$BRETT is heading toward a breakout above key resistance with the potential for over 50% upside.
Brett is maintaining a firm position above the 50-day exponential moving average (EMA) at $0.01786, following a strong bounce from the key support zone of $0.01289 — the low formed on November 22nd. As of the time of writing, BRETT has recorded a gain of over 3% in Monday's session, approaching the peak established on December 2nd around $0.02210.
In the scenario of a successful breakout above this resistance level, BRETT's price could extend its gains to the 200-day EMA at $0.03412, representing over 50% upside potential from the current level.
The recovery, lasting for five consecutive sessions, has propelled BRETT up by over 50%, indicating a clear strengthening of upward momentum. The RSI has reached the 70 mark – the overbought zone – but continues to trend upwards, reflecting strong demand. The sideways consolidation within the overbought zone could provide a foundation for BRETT to continue its climb.
Simultaneously, the MACD indicator has crossed above the zero line, completing a bullish crossover with the signal line. The expanding green histogram bars suggest a significant increase in upward momentum.
Conversely, the 50-day EMA at $0.01786 and the November 22nd low around $0.01289 continue to act as important support levels, helping to limit the risk of a deep correction in the short term.
