BRETT Twitter Profile Hacking Sparked a Strong Correction

BRETT’s price has faced significant pressure following the hacking of its official Twitter profile, which posted suspicious links to an airdrop.

A mysterious airdrop link was repeatedly posted by the official BRETT Twitter profile on Wednesday, sparking panic among investors and leading to a rapid sell-off.

The hacking event caused a strong correction in BRETT price, which fell more than 10% in the last 24 hours. This sell-off impacted technical indicators, with the Average Directional Index (ADX) showing a slight decrease.

However, despite the correction, indicators suggest the downtrend could be moderating. Additionally, BRETT’s dominance in the Base ecosystem could help it weather this storm and potentially recover.

BRETT Twitter Hack Led Investors To Dump Their Coins Rapidly

After teasing a possible airdrop earlier today, the official BRETT Twitter profile started posting a strange link to an airdrop. It kept posting again, and that tweet was inserted as a fixed one on its profile.

Upon noticing the suspicious activity, the market quickly reacted by dumpingかなりの量 of their BRETT coins. This sell-off led to a rapid decline in BRETT price, which fell more than 10% in the last 24 hours.

The price dump impacted several of BRETT’s key metrics. The Average Directional Index (ADX) for BRETT decreased from 34 to 30.8, potentially indicating a slight shift in trend strength.

The ADX measures the intensity of a market trend, helping traders understand whether an asset is experiencing a strong directional move or consolidating.

At 30.8, the ADX indicates that BRETT’s trend is still strong but might be moderating slightly. This subtle decline could suggest a potential moderation in the current downtrend.

Despite the correction, the technical indicators still show significant directional strength in the market.

BRETT Is No Longer In The Overbought Zone

The Relative Strength Index (RSI) for BRETT dropped from nearly 90 to around 55 in just 24 hours, coinciding with a price decline of over 10%. This drastic change might be attributed to the news of BRETT’s Twitter profile being hacked.

The RSI is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in a trading asset.

Typically, an RSI below 30 suggests an asset might be oversold and due for a price rebound, while an RSI above 70 indicates potential overvaluation. At 55, BRETT RSI suggests the asset is moving towards a more neutral territory after being previously considered extremely overbought.

This shift could indicate a potential slowdown in the buying pressure, which might contribute to the observed correction.

Sell Pressure Might Continue Dropping, Leading To A Recovery

If the price drops below its shortest Exponential Moving Average (EMA) line while short-term EMA lines remain above long-term lines, this could signal further downward momentum.

If the current downtrend continues, the potential support level at $0.158 might be tested, indicating a more severe market correction.

However, even after the recent price dump, it’s important to note that BRETT is still the biggest meme coin in the Base ecosystem. Despite the recent negative sentiment potentially stemming from hacking news, BRETT price could experience a quick recovery.

The market’s resilience might allow the asset to rebound and test the resistance level at $0.236 again.