Brett (CRYPTO:BRETT), a meme coin based on the Base chain, has experienced a remarkable 138% surge over the past seven days, reaching $0.17.

However, the coin's rapid rise has led to overbought conditions, indicating a potential correction ahead.

Traders are sceptical, with many opening short contracts, contributing to significant liquidations in the futures market.

Analysts predict a possible decline to $0.16 or lower, but sustained enthusiasm from meme coin enthusiasts could drive BRETT's price to $0.20, challenging the bearish outlook.