Why Isnt Brett Coming Today The Key Factors Behind the 20 Drop

Coin World News Report:
Affected by the collapse of Bitcoin, BRETT holders have sold off a large amount, triggering a significant pullback. Demand for the token is at one of its lowest levels, and market sentiment is also pessimistic.
Brett [Brett] is a meme coin and top cryptocurrency on Base, with its price plummeting an astonishing 20.13% in the past 24 hours. Therefore, despite trading at $0.16 just three days ago, the token’s price has dropped to $0.11.
But why would Brett give up? Undeniably, the price crash may be related to the broader cryptocurrency market collapse. In the past 24 hours, the total market cap of the cryptocurrency market has fallen by 8.52%, losing control over the $2 trillion mark.
Selling pressure dominates the meme coin
Bitcoin (BTC), in its usual fashion, is the driving force, with its price dropping below $55,000 and trading below the 200-day moving average. The last time this happened, the market experienced a prolonged adjustment.
This time, a similar situation may occur, and Brett may not be able to avoid this phase.
As for Brett, there are individual reasons for the price drop. Firstly, AMBCrypto observed that at the time of writing, the token’s trading volume surged to $71.4 million.
Volume represents interest. When it increases, it means there are many buys and sells taking place. However, when it decreases, it indicates waning interest in the token.
But to gauge the weight of buying and selling, one can look at the price. For example, if the volume rises and the price goes up, it means there is buying pressure.
However, for the token, the decrease in value and the increase in quantity indicate significant selling pressure.
Therefore, if the volume continues to rise, it may provide strength to the downward trend. If that is the case, the price of BRETT may drop below $0.10 in the coming days.
In addition, another factor influencing the price of BRETT is its weighted sentiment, which measures the positive or negative comments about the project on social media platforms.
If there are more positive comments, then the indicator’s reading will be positive. However, in the case of more negative discussions than positive ones, the reading turns red.
At the time of writing, BRETT’s weighted sentiment has dropped to -0.776. This means that most discussions about the token tend to be bearish.
When this happens, it becomes difficult for the token to achieve a good level of demand.
As a result, the price of BRETT has dropped. Meanwhile, the Relative Strength Index (RSI) on the meme coin’s 4-hour chart has fallen to 21.55.
RSI measures momentum. When it exceeds 70, it means the asset is overbought. However, when it falls below 30, it means the asset is oversold.
For Brett, the token is oversold, which usually indicates an expected rebound.
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However, this may be challenging, especially if the broader market has not shown any signs of recovery yet.
If this situation persists, the token’s value may drop below the aforementioned $0.10. However, if Bitcoin’s price rebounds and other cryptocurrencies follow suit, this scenario may become invalid.