Over the past 24 hours, the BRETT price has seen a slight 0.6% decline after recovering much of the losses experienced earlier today. Notably, indicators point towards this resurgence being brief.
BRETT has maintained a 1.61% gain since last Tuesday, contrasting with the losses observed from most notable altcoins during the same period.
Despite this, it still has a ways to go to recover from the 9.97% loss it has experienced over the past month.
Indeed, with this recovery, traders appear to be more engaged in BRETT. The meme coin’s trading volume is up 24.50% to $38.20 million over the past 24 hours.
Brett Price Fails To Break Resistance – Further Downside Ahead?
Even with this elevated trader activity, BRETT seems to be struggling to find the strength it needs to see an upside.
Most significantly, the BRETT price failed to break through stubborn resistance at $0.13727 after falling below it yesterday. The momentum which propelled its surge appears to be dwindling.
This is reinforced by the relative strength index (RSI) (purple) which has declined from 80 to 55 over the past 12 hours.
Such a sharp decline is typical of a correction, representing a transition from an overbought state to a neutral one.
Although an RSI of 55 does err on bullishness, wider trends cast doubt that BRETT will be able to find the strength it needs.
Significantly, the 20 DMA is currently on a steep decline, converging with the declining 200 DMA after its crossover above it yesterday. The momentum Brett had gained appears to be insufficient to overcome the wider downtrend.
Therefore, it would be reasonable to expect further downside in the near term. Notably, the 200 DMA has also provided support for the BRETT price. Therefore, $0.138128 should be a price to watch.
A break below this support may see BRETT fall further to the next significant support at $0.13030.
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Considering that BRETT has already accumulated a substantial $1.36B market cap, it is in question whether any truly substantial gains are possible going forward.
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