Brett's Recovery from Golden Zone: A Promising Pick for the Week

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Brett's Recovery from Golden Zone: A Promising Pick for the Week?
Brett bounced back after getting buyers' support near the golden zone of Fibonacci.
The daily chart highlights the formation of a declining parallel channel pattern pointing to a correction phase.

Brett Price seemed to be showing signs of resilience in the recent sessions. The price took a rebound from the golden zone of Fibonacci and surged higher showing signs of a breakout from a correction phase.

Moreover, Brett has been in a correction phase since the 1st week of June and slumped nearly 30% from its recent highs. The daily chart highlights the formation of a declining parallel channel pattern with upper trendline acting as a resistance.

Despite a notable surge in the recent sessions, BRETT has not been able to surpass the upper boundary of the channel. Currently, the price hovers at a very crucial zone from where either a bullish reversal or a bearish continuation may take the lead.

BRETT is a well-known memecoin on the Base Chain, a layer-2 scaling solution developed by Coinbase. It has garnered significant attention and is now the mascot of the Base Chain. It boasts a market capitalization of over $1.3 billion
Weighted Sentiment Curve Claims A Bullish Territory!
At the time of writing, BRETT price was hovering close to $0.129 recording a mid positive development of 0.35% in intraday. The bulls and bears seemed to be in a tough fight both trying to lead the trend.

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However, an important on-chain metrics, weighted sentiment study highlights a possible bullish continuation ahead. The bullish sentiments surged in the recent sessions due to which the weighted sentiment curve shifted from a bearish territory to a bullish territory.

The weighted sentiment curve reflects the overall bias of the trader and investors on a combined note. A bullish weighted sentiment curve leaves a positive impact and the price shows improvement.
Brett Rebounds From A Golden Zone of Fibonacci
The daily chart highlights a prevailing correction phase along with the formation of a declining channel pattern. Since the 1st week of June when the price suffered from its recent high, it has dropped nearly 30%.

However, a sustainable bounce back in the recent sessions has again attracted the investors. Furthermore, while connecting Fibonacci from lower swing to higher swing, it was observed that the price took rebound from the 0.5 to 0.6 level of Fibonacci i.e. golden zone of Fibonacci.

However, on the higher side, the upper boundary of the declining channel pattern has been acting as a hurdle for the bulls. Now, a breakout above $0.146 level would mark the end of a correction phase and the price may show gains.
Can Brett Break Out of A Correction Phase?
BRETT's price has shown resilience indicating a potential breakout from its correction phase. Since early June, BRETT has been in a correction, dropping nearly 30% from recent highs and forming a declining parallel channel.

Despite recent gains, it hasn't surpassed the channel's upper boundary and was currently hovering around $0.129. A breakout above $0.146 could end the correction phase. On-chain metrics, like weighted sentiment, suggest a bullish continuation. The recent surge in bullish sentiment indicates a shift from bearish to bullish territory, attracting investor interest.