Market
BRETT Price Enters Overbought Zone, Potential Correction Looms
BRETT price has been experiencing significant momentum, with the current uptrend showing strength across multiple technical indicators. The trend appears to be intensifying, supported by a strong surge in price over the last few days.
However, there are signs that the asset could be overbought, which may lead to a correction. Traders should keep an eye on both the uptrend signals and any signs of a potential pullback in the near future.
BRETT Current Uptrend Is Strong
BRETT’s ADX (Average Directional Index) currently sits at 46.87, a significant increase from just 20 two days ago. This sharp rise in the ADX indicates that the strength of the current trend is intensifying quickly.
During the same two-day period, BRETT’s price surged from $0.086 to $0.1124, marking a 30% increase. An ADX value nearing 50 is considered strong, which implies that the upward trend is powerful and likely to continue unless there’s a major shift in market conditions.
The ADX, or Average Directional Index, is a technical indicator used to quantify the strength of a market trend. It doesn’t indicate the direction of the trend, whether it’s up or down, but rather measures how strong the trend is.
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An ADX value below 20 generally points to a weak or non-trending market, while values above 25 signal a strong trend. When the ADX climbs above 40, it indicates a very powerful trend, which traders often use as a sign of increased buying or selling pressure depending on the direction of price movement.
With BRETT’s ADX now at 46.87, it indicates that the current uptrend is exceptionally strong. A strong ADX value combined with an upward price trend suggests that the buying momentum is increasing, making it likely that the bullish trend could be sustained in the near term.
BRETT RSI Just Surged into Overbought Territory
Alongside the strong ADX, BRETT’s RSI (Relative Strength Index) has surged dramatically. Just four days ago, the RSI stood at 40, but it has now climbed to 75.69. That suggests that the buying momentum has intensified quickly. This significant increase in the RSI, coupled with a high ADX, paints a mixed picture of both strength and caution in BRETT’s market conditions.
The RSI, or Relative Strength Index, is a technical indicator used to measure the speed and change of price movements. It ranges from 0 to 100 and helps indicate whether an asset is overbought or oversold.
Typically, an RSI below 30 indicates that an asset is oversold, signaling a potential buying opportunity. An RSI above 70 suggests that the asset might be overbought, potentially leading to a price correction.
With BRETT’s RSI now at 75.69, it suggests that the asset has entered the overbought territory. This elevated RSI points to strong recent buying pressure. It also hints that the price may have risen too far, too quickly. Although the ADX confirms the current uptrend is strong, the high RSI level could mean that BRETT is due for a correction.
BRETT Price Prediction: A Potential 32% Correction Ahead?
BRETT’s EMA lines are currently showing a strong uptrend, highlighting a bullish sentiment in the market. On October 11, BRETT experienced a significant technical event known as a “golden cross,” where its short-term EMA (Exponential Moving Average) crossed above its long-term EMA.
This crossover is typically seen as a bullish indicator, signaling the potential for sustained upward momentum. EMA lines themselves are tools used by traders to gauge the average price movement of an asset over a set period, giving more weight to recent data points to capture current market trends better.
A golden cross is a bullish technical pattern that occurs when a short-term EMA crosses above a longer-term EMA. This event is generally interpreted as a sign that positive momentum is building. The presence of a golden cross suggests that BRETT’s uptrend could continue. That could potentially drive its price to test the next resistance level around $0.1455.
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However, despite the strong uptrend indicated by the EMA lines and the golden cross, the RSI points to a different potential outcome. With the RSI currently at 75.69, BRETT is in overbought territory. That indicates that the recent buying pressure may be reaching unsustainable levels. If this overbought condition leads to a reversal, BRETT could see a significant price correction.
In such a scenario, key support levels are likely to be tested. That would start around $0.087 and potentially drop to $0.076, which would represent a 32% correction from its current value. This mix of bullish and overbought signals means traders should watch closely, as the market could either continue to push towards higher targets or enter a phase of sharp retracement.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin price started a fresh increase above the $104,000 zone. BTC is consolidating above $105,000 and might aim for a new all-time high.
- Bitcoin started a decent increase above the $102,500 resistance zone.
- The price is trading above $104,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $103,500 support zone.
Bitcoin Price Regains Traction
Bitcoin price started a decent upward move above the $102,500 zone. BTC was able to climb above the $103,500 and $104,000 levels.
The bulls even pushed the price above the $105,000 level. Besides, there was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
Bitcoin price is now trading above $104,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $107,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
The first key resistance is near the $107,500 level. A clear move above the $107,500 resistance might send the price higher. The next key resistance could be $109,000.
A close above the $109,000 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $107,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $103,500 level.
The next support is now near the $102,800 zone. Any more losses might send the price toward the $100,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $104,500, followed by $103,500.
Major Resistance Levels – $107,000 and $108,500.
AI tokens surged on Wednesday after President Donald Trump unveiled a new joint venture to invest up to $500 billion in artificial intelligence infrastructure.
The partnership involves major players such as OpenAI, Oracle, and SoftBank and will form a new entity called Stargate.
Market Focuses on AI Coins as Trump’s Stargate Initiative Gains Traction
The Stargate Project will invest $500 billion over the next four years, building new AI infrastructure in the US. The venture will focus on developing crucial data centers and the electricity generation required to power the AI sector.
The announcement has already had a noticeable impact on the broader market, particularly in AI-related cryptocurrencies. Following the news, the market capitalization of AI tokens surged by 9%, reaching $45.83 billion at press time, according to CoinGecko.
In fact, the market cap of AI agent tokens alone rose by 13% to hit $14.9 billion.
AI agent tokens, such as Virtuals Protocol, AIXBT, and AI16Z, saw impressive gains. Virtuals Protocol rose by over 13% in the past 24 hours, while AI16Z experienced a remarkable 36% increase. AIXBT token rose by 27% over the same period.
The surge in AI tokens reflects a broader shift in market interest as investors move capital towards more “sentient” tokens.
“Capital is rotating back from static memes to sentient coins,” AI researcher S4mmy commented on Twitter.
The analyst added that Fartcoin and AIXBT are sustaining their “mindshare dominance,” but face declining market caps after a heated run. Commenting on Virtuals Protocol, he said it continues to solidify its position as a backbone of the Agentic infrastructure.
Moreover, analyst CyrilXBT said he believes “AI will create generational wealth in 2025.”
“People said Bitcoin was a joke. People said AI agents are a gimmick. Guess what else they’ll say? ‘Why didn’t I listen when generational wealth was staring me in the face?,” CyrilXBT commented.
The shift towards AI is particularly interesting, given the trend of investments a few days back. Capital was flowing into Donald Trump-related tokens, such as TRUMP and MELANIA, which have seen significant volatility.
However, BeInCrypto reported that smart money traders are now focusing on AI tokens after the hype around TRUMP faded. According to data from Nansen, a substantial amount of VIRTUAL, FARTCOIN, and AIXBT tokens are held by smart money.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price is struggling below the $3,500 resistance while Bitcoin gains. ETH is consolidating above $3,150 and might aim for an upside break.
- Ethereum failed to gain pace for a close above $3,400 and $3,450.
- The price is trading above $3,300 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it clears the $3,400 resistance level.
Ethereum Price Aims Key Upside Break
Ethereum price started a decent upward move from the $3,200 level but upsides were limited compared to Bitcoin. ETH cleared the $3,250 resistance to move into a short-term bullish zone.
The bulls were able to push the price above the $3,300 resistance zone. Besides, there was a clear move above the 50% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low. However, the bears are still active below $3,400.
Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level or the 61.8% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low.
There is also a key contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD. The first major resistance is near the $3,400 level. The main resistance is now forming near $3,445.
A clear move above the $3,445 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250.
A clear move below the $3,250 support might push the price toward the $3,200 support. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,200
Major Resistance Level – $3,400
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