Altcoins
Market Veteran Sees This Altcoin Surge 300% Amid Bull Flag
Veteran analyst Ali Martinez identifies a bull flag pattern in the BRETT/USDT pair, predicting a potential 300% surge that could push the price to a new all-time high.
Martinez analysis This comes as BRETT looks to take advantage of the current market rally to regain lost ground. The meme coin has recovered some of its losses after spiking 20.57% yesterday, but remains 30% below its ATH. Martinez cited a bull flag pattern forming on BRETT’s daily chart as the basis for his conviction.
Bullish flag could lead to new ATH at $0.63
The bullish flag pattern is a strong bullish continuation signal. It consists of two parts: a pronounced upward movement (flagpole) and a consolidation period with descending trendlines (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 flag includes a downward sloping channel formed from mid-June until now. This channel is due to a massive correction June peaks.
According to Martinez, BRETT price could see a significant swing if it maintains a close above $0.15. He suggests that this breakout could propel 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 essential for identifying potential support and resistance areas. Notably, these levels range from lower levels, such as $0.046442 and $0.061155, to critical higher points like $0.130956 and $0.196013.
Potential price targets based on Fibonacci extensions suggest that if the bull flag pattern plays out, BRETT could reach levels around $0.327276. Other targets include $0.427698 and even $0.628211. Martinez believes that a break above $0.15 would be a critical indicator of future price movement. Such a break would confirm the bullish flag pattern.
Current BRETT 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 the Ichimoku Cloud and the Aroon indicator.
The Ichimoku cloud helps assess the momentum and direction of the trend. The main components of BRETT include the Conversion Line (Tenkan-sen) at $0.13576, the Base Line (Kijun-sen) at $0.13880, and the main segments A (Senkou Span A) and B (Senkou Span B) at $0.13037 and $0.13006, respectively.
BRETT is trading close to 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, in line with Martinez’s bullish outlook.
Additionally, the Aroon indicator displays an Aroon Up reading of 0.00% and an Aroon Down reading of 42.86%. The Aroon Up indicates the number of days since a 25-day high. Meanwhile, the Aroon Down measures the days since a 25-day low. The current reading suggests a bearish trend, as the Aroon Down is significantly higher than the Aroon Up.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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