BRETT Lost Momentum: Will It Dive Into the Downtrend?

Over the past 24 hours, BRETT, the largest blockchain on the Base Blockchain, has severely declined.

The price of BRETT, the largest memecoin on the Base Blockchain, has seen a sharp decline of over 16% in the last 24 hours. This drop comes as a part of a broader selloff in the cryptocurrency market, which saw most top cryptocurrencies and memecoins participate in the sell-off.

After hitting a high of $0.194 on June 9, BRETT has seen continuous profit booking moves. This led to a one-way correction of over 54% to date. A bearish trend will continue until the cluster of $0.1200 is not retained, and a sell-on high structure can be seen ahead.

As per the Fib retracement levels, the BRETT price corrected over 54% from the higher zone and dropped to the 38.2% crucial support zone. If the immediate channel lows of $0.0800 are breached, it may extend the decline, moving toward the 23.6% support level near $0.07200.

The price of BRETT has crashed through the 200-day EMA mark, highlighting the heavy selling pressure over the weekend. It has maintained a losing streak this week with no significant pullbacks, and sellers have been eyeing to breach the channel’s lowest region of $0.08000.

The Momentum indicator (RSI) curve fell to the oversold region, guiding sustained selling pressure throughout this week. Similarly, the MACD line dropped below the signal line, conveying the bearish stance.

The weighted sentiment data sailed below the zero line, noted at the -0.717 mark, replicating a negative stance among the investors.

The Social Dominance data showed a negative stance, as a downtick was noted, and it dropped over 9% this week. This shift implied a drop in the chatter and discussions among investors on social media platforms.

A Tweet by @thecryptopatch highlighted that BRETT has disclosed a wild move and is set for a breakdown.

$brett gone wild your $1,000 meme coin portfolio is now worth $20 pic.twitter.com/FnA5p3wEVQ

A Tweet by @thecryptopatchn | Source: X

The token’s funding rate was noted at -0.0448% at press time. Generally, a negative funding rate means sellers must pay the buyers, indicating a bearish market sentiment.

If BRETT’s price continues to drag, it may take support around the downside mark of $0.08300, followed by $0.07700. Conversely, if any pullback happens, the immediate resistance zone could be around $0.09300, followed by $0.1000.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading

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