Brett Price Plunges 7% As Meme Coin Market Slumps, But This PEPE 2.0 ICO Storms Toward $24 Million
The Brett price plummeted 7% in the last 24 hours to trade at $0.08871 as of 00:26 a.m. EST on trading volume that rose 7% to $48.9 million.
This comes as the meme coin sector’s market capitalization plunged 5% to $63.5 billion in the last 24 hours.
Brett Price Currently On A Bearish Trend
The Brett price action is contained within a descending channel pattern (marked by parallel white trendlines), which is typically a bearish structure.
This suggests a sequence of lower highs and lower lows, indicating downward pressure after the bears took full control of the price within the $0.117 resistance, according to data from GeckoTerminal .
BRETT now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the current bearish trend. Moreover, the 50-day SMA has crossed below the 200-day SMA, forming a death cross at $0.095, which cements the current bearish prospects on the 4-hour timeframe.
The Relative Strength Index (RSI) is at 32.79, which is close to the oversold threshold (30). This could mean that the asset is nearing a potential reversal zone, but given the bearish structure, oversold conditions can persist, so this is not a strong buy signal on its own.
The Fair Valued Gap (FVG) area within the $0.081 and $0.085 levels might act as a demand zone. Price is approaching this area, so it could offer support and potentially attract buyers.
If the current bearish trend persists, the FVG level could act as the next possible support in the short term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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