- BRETT clocked a new high as the price regained bullish momentum after a bullish flag.
- Why it could be due for more upside in December and a push into the top 50.
The Brett [BRETT] memecoin just kicked off December on a bullish note that could potentially see it surge into the top 50 coins by market cap.
The memecoin’s price action just pushed into a new ATH, but can it sustain this momentum into 2025?
BRETT was up by over 11% in the last 24 hours at the time of writing. It peaked at $0.22, which marked a new historic high for the memecoin.
This performance was courtesy of the robust bullish momentum that BRETT achieved in November.
The memecoin concluded the month with a 164% upside during the last four weeks. It is worth noting that the bulls went on recess from mid-November to the 29th of November, forming a bull flag.
Its performance in the last two days confirmed a bull flag pattern breakout, paving the way for another rally.
Source: TradingView
The bullish flag breakout signaled that BRETT could be on the verge of an overall bullish December — a trend that could potentially escalate further if the memecoin rolls out on Coinbase and Binance.
BRETT joins the top 60 cryptos by market cap
BRETT’s recent liquidity inflows allowed its market cap to soar to $2.21 billion. As a result, it held the 60th position on CoinMarketCap.
This was an impressive feat, considering that it is yet to be listed on the biggest crypto exchanges.
Binance and Coinbase listings could happen further down the road, in which case they will unlock more liquidity for the memecoin. This outcome could propel BRETT well into the top 50 list.
Is BRETT at risk of short term sell pressure? The memecoin was extremely overbought at the time of observation, raising the chances of a potential pullback.
However, for now, the bullish flag underscores more potential upside than downside.
BRETT demonstrated strong demand from the derivatives segment. The memecoin’s Open Interest soared to $140.94 million in the last 24 hours, achieving a new ATH.
Source: Coinglass
The surge in Open Interest may have also included shorts. For example, shorts accounted for 51% of the total positions, while longs accounted for 48.9% in the last 24 hours.
Read Brett’s [BRETT] Price Prediction 2024–2025
This meant that bearish expectations were on the rise with the recent new highs.
The surge in short positions also indicate that short liquidations may be fueling more upside. More than $560,000 worth of short liquidations occurred in the last 24 hours. Long liquidations only amounted to $255,000.
