Analyst Predicts Meme Coin’s Price Will Skyrocket By 300%

The crypto market has enjoyed a good run in the last few days, with several large-cap assets posting double-digit gains in the past week.

Crypto pundits are known for their bold predictions, and one analyst is suggesting that the meme coin BRETT is gearing up for a massive rally.

According to the analyst, technical indicators point towards a potential 300% price increase for BRETT. This projection is based on the formation of a bull flag on the meme token’s daily price chart.

A bullish flag formation is a technical analysis and a strong continuation pattern that resembles a flag on a pole. The pole usually represents a vertical rise while the flag represents a period of price consolidation. The important feature of this chart formation is the breakout from the flag, which typically mirrors the length of the initial pole of the flag.

On the price chart, we can observe that the BRETT price has been in a consolidation range since early June. This consolidation zone or flag was preceded by a vertical upward movement, which saw the token’s price rise from $0.03 to $0.2.

The analyst noted in his post that if the meme coin’s price breaks out of the flag, the $0.15 support level needs to hold strong upon retest. If the support fails to hold, the Brett might just return within the consolidation range. In the case of a successful breakout, the analyst predicted the BRETT price to climb as high as $0.63.

A price upswing to $0.63 would indicate a rally of over 300% from the current price point. At the time of writing, the price of Brett is around $0.147, up nearly 6% in the last 24 hours.

According to data from CoinGecko, the meme token is up by nearly 30% in the past week. With a market capitalization of over $1.45 billion, BRETT ranks amongst the top 10 largest meme coins in the digital asset sector.