Brett (BRETT) Futures Traders 'Ape In” as Token's Price Surges by Three Digits

Brett (BRETT), also known as Pepe’s best friend on the Base Chain, has seen its price surge by three digits over the past 30 days.

The price of Brett (BRETT), Pepe’s best friend on the Base Chain, has soared over the past 30 days, surging by three digits. At press time, the altcoin trades at $0.15, notching a 253% uptick in the last month.

This impressive rally has attracted futures traders, evident in the rising futures open interest for BRETT. As of this writing, the altcoin’s futures open interest stands at $37 million, marking its highest level since the token launched in February.

Futures open interest indicates the total number of outstanding futures contracts that are yet to be closed or settled. A spike in this metric suggests that more traders are entering the market, leading to heightened activity. This activity, in turn, enhances liquidity, making it easier to execute large trades without significantly impacting the price.

Accompanying the rising futures open interest is a positive funding rate for BRETT. On-chain data reveals that the last time BRETT’s funding rate was in the negative was on May 4. Since then, it has only recorded positive values. At press time, BRETT’s funding rate is 0.01%.

The funding rate is a crucial mechanism that helps to keep the contract price close to the underlying asset’s spot price. It tracks the periodic payments made between traders who hold long and short positions in perpetual futures contracts.

When the funding rate is positive, it signifies a bullish trend, indicating a higher demand for long-term positions than short-term ones.

BRETT Price Prediction: Primed to Reclaim All-Time High?

At its current price of $0.15, BRETT trades above its key moving averages. The token’s price is positioned higher than both its 20-day exponential moving average (EMA) and 50-day small moving average (SMA).

The 20-day EMA tracks the average of an asset’s price over the last 20 days, and the 50-day SMA tracks the average of its closing prices over the last 50 days.

When an asset trades above both its 20-day EMA and 50-day SMA, it usually denotes strong bullish momentum and a healthy uptrend in both the short and medium terms.

If this trend continues, BRETT may rally further, aiming to reclaim its June 9 all-time high of $0.19.

However, if selling pressure intensifies and traders begin to take profits, the altcoin’s value may pivot to $0.12.

News source：https://www.kdj.com/cryptocurrencies-news/articles/brett-brett-futures-traders-ape-token-price-surges-digits.html

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