Crypto Whales Move Away from Brett to Back a Promising New Project – What’s Happening?

cryptonews.com:

The price of Brett has jumped by 23% today, with the Solana-based meme token moving to $0.1658 as the crypto market gains by 1.5% in the past 24 hours.

BRETT has now risen by an impressive 38% in the past week, as well as by 125% in the last 30 days, with the coin listing for the first time as recently late February.

However, it’s likely that Brett is dangerously close to entering an overbought position, implying that we may see it decline very soon.

Yet there are other, newer meme coins that look ready to take its place as the next big thing, with multi-chain token Base Dawgz (DAWGZ) raising $2.1 million in its presale.

Brett’s chart may look very strong right now, but its indicators clearly show that the market is overbuying it, and that it should correct downwards soon.

For instance, its relative strength index (purple) has just touched 80, a level that usually precedes considerable falls, as the chart below repeatedly shows.

The same thing goes for the 30-day average (orange), which has recently climbed over the 200-day average (blue).

Again, such a move usually happens before a given asset takes a notable dip, with BRETT’s price chart showing this around June 17 and June 21, for instance.

This would mean that now is a pretty bad time to buy the coin, at least for traders operating within shorter timeframes.

But as mentioned above, there are alternatives for traders searching for the next big meme token rally, and it seems that some whales are turning to them.

One new favourite is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has already raised over $2.1 million in its ongoing presale.