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.
BRETTUSD Chart Analysis Source: GeckoTeminal.com
In a converse scenario, however, the price of Brett may be gearing up towards a bullish trend reversal after hitting the FVG area, with the next possible target at the $0.10 resistance level.
Meanwhile, new meme coin Pepe Unchained (PEPU) is powering ahead despite the market downturn, and is now within a whisker of raising $24 million in its presale.
Influential YouTuber ClayBro, with over 130k subscribers, says PEPU could soar 20X after launch.
Pepe Unchained Passes $23.9 Million
The original Pepe meme coin lives on the Ethereum blockchain and has long been confined by its Layer-1 technology, which is hampered by slow transactions, network delays, rising gas fees, and a lack of scalability.
As its name implies, Pepe Unchained plans to change all that. It comes with its own blockchain to free PEPE from the clunky Ethereum network and allow it to embrace the future.
It offers lightning speed, much lower fees, and improved scalability. The project is enhancing its visibility and functionality by introducing various features within the Pepe Unchained ecosystem, including a decentralized exchange, bridging capabilities, and annual staking rewards of 98%.
You can buy $PEPU tokens for $0.01199 each right now. With a price hike coming in about 21 hours, buy soon to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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