In the past 24 hours, the price of Brett has plummeted 5.72%, with the current trading price at $0.0895.
Brett Price is currently in a bearish trend
The price movement of Brett is contained within a descending channel pattern (marked by parallel white trend lines), which is typically a bearish structure.
According to data from GeckoTerminal, this indicates a series of lower highs and lower lows, suggesting downward pressure on the price after the bears have fully controlled the $0.117 resistance level.
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The current trading price of BRETT is below the 50-day and 200-day Simple Moving Averages (SMA), which is in line with the current bearish trend. Additionally, the 50-day SMA has crossed below the 200-day SMA, forming a death cross at the $0.095 level, further reinforcing the bearish outlook in the 4-hour timeframe.
The Relative Strength Index (RSI) is at 32.79, approaching the oversold threshold (30). This may suggest the asset is nearing a potential reversal area, but given the bearish structure, the oversold condition may persist, and this alone is not a strong buy signal.
The Fair Value Gap (FVG) area between $0.081 and $0.085 may act as a demand zone. The price is approaching this area, which could provide support and potentially attract buyers.
If the current bearish trend continues, the FVG levels may become the next potential support levels in the short term.
However, in the opposite scenario, the price of Brett may be heading towards a bullish reversal after reaching the FVG area, with the next possible target being the $0.10 resistance level.
Due to investors' selling of their meme coins, the price of Dogwifhat has dropped 10.61% in the past 24 hours, with the current trading price at $2.29.
With the recent decline in the WIF price, the Altcoin's weekly performance has also been pushed into the red zone.
Dogwifhat price may retest key support
The Dogwifhat price has broken below the $2.4712 support level in the past few hours, and if the bearish pressure persists, it may face the risk of testing the subsequent technical support level at $2.2421. WIF has tested the $2.2421 key level twice in the past week, and both attempts have resulted in rebounds.
If history repeats itself in the next retest, the Dogwifhat price may rebound and attempt to reclaim the $2.4712 support level. If the 4-hour candle closes above this critical price point, it may provide the foundation for the meme token to continue its upward momentum. WIF may then attempt to convert the $2.7180 resistance level into support and then rise to $2.9471.
Technical analysis suggests Dogwifhat price may further decline
From a technical indicator perspective, there are signs on the 4-hour chart that the downtrend in the meme coin's price is not yet over. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are issuing bearish signals.
In the past 24 hours, the MACD line has crossed below the MACD signal line. This technical phenomenon is often seen as a sign that the cryptocurrency has entered a negative trend. As the gap between these two lines continues to widen, the bearish momentum in WIF does not appear to be showing signs of slowing down.
The RSI reading has also dropped below 30, indicating that sellers currently have a strong grip on the Dogwifhat price. However, the indicator has started to stabilize in the oversold region. This can be viewed as a buying opportunity, as the upside potential for WIF is greater than the downside potential.
The low RSI reading stabilizing in the oversold region, similar to the past two retests of the $2.2421 key level, suggests that history may repeat itself, and the Dogwifhat price will rebound from this critical price level. However, bullish traders may want to wait for the MACD and MACD signal line gap to start narrowing.
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