BRETT Bleeds Out 11%: Time to Panic or Buy the Dip?

• BRETT is consolidating near the $0.069 mark.
• The meme coin has seen a 32% drop in daily trading volume.

The 2.80% drop brings in market-wide bearish pressure. This has triggered losses across crypto assets. Notably, the meme coin market cap has plunged by over 8.5%, reaching $74.8 billion. Among the meme coins, BRETT has taken a hit, slipping by a solid 11.17%.

The meme coin kickstarted the day, trading at a peak level of $0.08052. With the potent bears taking the charge, BRETT has tumbled to a low of $0.06848. A bullish shift is crucial for the asset’s recovery.

At the time of writing, BRETT traded at around $0.06981, with a market cap of $691 million. The daily trading volume of the meme coin has dropped by 32.37%, reaching $38.54 million

The meme coin has recorded a gain of over 92.59% in the last thirty days. BRETT began trading the month at its low, and eventually climbed to the monthly high at $0.090 range

Can BRETT Bounce Back or Is More Downside Ahead?

BRETT’s bearish momentum is reported by the technical indicators. The Moving Average Convergence Divergence line is below the zero line, but the signal line is above the MACD, indicating bearish conditions in the broader market. However, the signal line shows that momentum may be shifting to a weak or short-lived bullish correction

*BRETT chart (Source: TradingView)*In addition, the meme coin’s Chaikin Money Flow (CMF) indicator at -0.22 suggests that the selling pressure is dominating the market, and the capital is flowing out of the asset, reflecting a sturdy downtrend and potential downside price movement.

If BRETT fails to hold above the $0.07052 mark, the price might retrace toward its former lows and trigger the death cross to take charge. It could send the price to the low range of $0.06902. Losing this crucial support range may drive the asset’s price into deeper correction territory.

Assuming the recovery of the meme coin, it could likely take effort to reclaim the $0.071 range. ​On the upside, the emergence of a golden cross might take BRETT to a retest at the resistance zone of around $0.07270. ​Further upward correction can trigger the price to eye new highs

*BRETT chart (Source: TradingView)*Moreover, the Bull Bear Power (BBP) value of -0.00973 signals bearish momentum, and it is relatively weak. Besides, the daily relative strength index (RSI) value of BRETT is found at 37.67, which implies mildly oversold conditions with dominant bearish pressure.

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