BRETT Tanks 10% in a Day—Are We Heading for $0.063?

Another day, another crypto bloodbath. BRETT nosedives 10% as traders scramble—classic ’buy the rumor, sell the news’ behavior. Memecoins: where fundamentals go to die.

Technical outlook: The $0.063 support level looms large. If it cracks, brace for a waterfall. But hey, since when did chart patterns matter in this casino?

Silver lining? Whales might be accumulating. Or just dumping bags on retail. Welcome to decentralized finance.

BRETT bulls defend the dynamic support at $0.0675

Source: BRETT/USDT on TradingView

On the 1-day timeframe, BRETT has a strongly bullish bias. It broke the $0.051 level and flipped it to support, and rallied 81% from this level in three days. Over the past five days, a 23% drawdown has occurred.

However, the Bollinger Bands showed that the recent correction came after the price burst past the upper band. At press time, BRETT was back at the 20-day moving average.

If this dynamic support could be defended, a move beyond the $0.082 WOULD be more likely.

The A/D indicator has trended higher over the past three weeks, reflecting increased buying pressure. This has driven the memecoin’s rally, after its consolidation phase from February to April.

Source: BRETT/USDT on TradingView

On the 4-hour chart, a set of Fibonacci retracement levels was plotted based on the rally from $0.045 to $0.092. The 50% retracement level at $0.0688 was being tested as support at press time.

The Awesome Oscillator showed that the momentum had flipped bearishly. With its histogram bars printing red, it underlined the downward impulse of the past couple of days.

The A/D indicator, which had been trending upward on the daily timeframe, showed a sizeable dip on the 4-hour chart. It was back at the previous week’s lows. This suggested that BRETT might see a deeper retracement.

In that case, the $0.0633 and $0.056 levels were the next support levels to watch out for.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion