{"id":593747,"date":"2024-11-01T08:34:23","date_gmt":"2024-11-01T08:34:23","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=593747"},"modified":"2024-11-01T08:34:23","modified_gmt":"2024-11-01T08:34:23","slug":"brett-price-plunges-7-as-meme-coin-market-slumps-but-this-pepe-2-0-ico-storms-toward-24-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/brett-price-plunges-7-as-meme-coin-market-slumps-but-this-pepe-2-0-ico-storms-toward-24-million","title":{"rendered":"Brett Price Plunges 7% As Meme Coin Market Slumps, But This PEPE 2.0 ICO Storms Toward $24 Million"},"content":{"rendered":"

The Brett price plummeted 7% in the last 24 hours <\/span>to trade at $0.08871<\/span><\/a> as of 00:26 a.m. EST on trading volume that rose 7% to $48.9 million.<\/span><\/p>\n

This comes as the meme coin sector’s market capitalization plunged 5% to $63.5 billion in the last 24 hours.<\/span><\/p>\n

Brett Price Currently On A Bearish Trend<\/h2>\n

The Brett price action is contained within a descending channel pattern (marked by parallel white trendlines), which is typically a bearish structure. <\/span><\/p>\n

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 <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

If the current bearish trend persists, the FVG level could act as the next possible support in the short term.<\/span><\/p>\n

\"Brett
BRETTUSD Chart Analysis Source: GeckoTeminal.com<\/figcaption><\/figure>\n

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.<\/span><\/p>\n

Meanwhile, new meme coin<\/span> Pepe Unchained (PEPU)<\/span><\/a> is powering ahead despite the market downturn, and is now within a whisker of raising $24 million in its presale.<\/span><\/p>\n

Influential YouTuber ClayBro, with over 130k subscribers, says PEPU could soar 20X after launch.<\/span><\/p>\n