The price of BRETT has shown impressive growth, surging by 39.38% in recent days. While the overall trend remains positive, there are still key hurdles ahead that could determine whether the upward movement will continue or face a short-term setback.

Impressive Gains and Continued Bullish Sentiment

Over the past week, BRETT has surged by an impressive 63.24%, with buying momentum driving the asset’s rally. This bullish sentiment extended into the daily timeframe, resulting in a 39% increase in just a matter of days.

Despite this optimism, technical indicators suggest that the price action may not be as straightforward. While the surge has been strong, there are several resistance levels standing in the way of further gains.

Resistance Levels Remain a Challenge for BRETT’s Growth

According to AMBCrypto’s analysis, BRETT has the potential for additional upside, targeting a price of $0.195—a 29.46% gain from its current levels. However, for this rally to materialize, BRETT must first clear two major resistance levels.

The initial resistance point lies at $0.15030, followed by a second hurdle at $0.17160. These levels are crucial as significant selling pressure may emerge at these points, hindering further price movement.

If BRETT fails to break through the $0.15030 resistance, the asset may retreat and test support levels between $0.13474 and $0.11912. This zone could serve as a temporary cushion for the price before it either continues its upward momentum or faces further decline.

On-Chain Activity and Market Sentiment Show Bullish Signs

Despite the resistance, the on-chain activity surrounding BRETT suggests that the asset is in a favorable position for more gains. BRETT’s Open Interest (OI) has surged by 58.26%, reaching $72.73 million. This rise in Open Interest indicates a sharp increase in market activity and positions BRETT as a potentially strong performer in the near term.

Additionally, the long-to-short ratio for BRETT stands at 1.0032, slightly favoring long positions. A ratio above 1 signals that there are more active long positions than shorts, which often correlates with continued bullish sentiment. The combination of high Open Interest and a positive long-to-short ratio further solidifies the likelihood of continued price growth.

Mixed Technical Indicators Cloud BRETT’s Rally Prospects

Despite these positive signals, technical indicators are sending mixed messages about the sustainability of the rally.

The Parabolic SAR (Stop and Reverse) indicator, which helps track market direction, currently shows bullish momentum for BRETT, with the dots positioned below the price—suggesting that the uptrend could continue.

However, the Relative Strength Index (RSI), which is used to measure whether an asset is overbought or oversold, is signaling caution. At 72.79, the RSI indicates that BRETT is approaching overbought territory. This suggests that the asset might face a pullback soon, as momentum could slow, and the price may consolidate before continuing its upward trajectory.

What’s Next for BRETT?

At its current pace, BRETT has demonstrated solid strength, but it must clear the aforementioned resistance levels to confirm the continuation of the bullish trend. If BRETT manages to break through the $0.15030 and $0.17160 resistance levels, the next key target is $0.195, representing a 29.46% increase from current levels.

However, should the price fail to maintain its momentum above the critical support levels, BRETT could face a short-term pullback. The elevated RSI and recent signs of overbought conditions add to the cautionary signals, warning traders that a reversal might be imminent.

Conclusion: Potential for More Gains or Short-Term Setback

Overall, while BRETT continues to show bullish promise, traders should remain vigilant. The asset’s journey to $0.195 depends on whether it can break through critical resistance levels and maintain buying pressure. The mixed technical signals suggest that the price may consolidate or experience a pullback before another significant move upward. As always, market conditions remain fluid, and it’s essential to monitor how BRETT responds to these pivotal levels in the coming sessions.