BRETT Tests Key Support Amid Bearish Pressure
Key Takeaways
BRETT, a highly volatile memecoin, is currently retesting its May lows. The price is hovering near the support zone at USD 0.051. Technical indicators such as On-Balance Volume (OBV) and the Relative Strength Index (RSI) signal continued selling pressure. However, there is potential for a recovery if certain conditions are met. A possible price increase of up to 75% could be expected if the market environment improves.
BRETT: Return to the Support Zone
Following a strong rally in April—driven by Bitcoin’s surge from USD 76,000 to 111,000—BRETT temporarily gained 166%, rising from USD 0.034 to 0.091. However, this momentum weakened in May. The price fell back to the support level at USD 0.051. This zone was already tested in early May and has proven to be a relevant demand area.
Market Structure Shows Weakness
On the 4-hour chart, a bearish structure is visible. The price failed to sustainably break through the resistance at USD 0.082. Several failed attempts to turn this level into support signalled waning buying power. As a result, a downtrend formed with a low at USD 0.045.
Technical Indicators at a Glance
The OBV, a volume-based indicator used to measure buying and selling pressure, has fallen back to early May levels. This suggests an increase in selling volume. The RSI, which measures the strength of price movements, is also below the neutral value of 50. A trend reversal would only be likely if the RSI moves above this level and the OBV forms higher highs.
Opportunities and Risks for Buyers
Currently, the support zone at USD 0.051 offers a potentially attractive entry point. The risk remains limited as long as the price does not fall below USD 0.045. A break below this level would confirm the downtrend and invalidate the bullish scenario. However, if an upward impulse gains traction, a rise toward USD 0.09 is conceivable—an increase of approximately 75%.
Bitcoin’s Influence Should Not Be Underestimated
BRETT’s price development is closely linked to that of Bitcoin (BTC). BTC’s recent decline from USD 110,000 to 103,500 is seen by analysts as a “reset” rather than a full distribution. Should BTC stabilize or rise again, BRETT could benefit as well.
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Our Assessment
For risk-aware traders, BRETT may currently present an interesting opportunity. The technical setup suggests a potential bottoming formation. However, caution is advised: the market structure remains fragile, and without clear signals of a trend reversal, further downside cannot be ruled out. Those looking to enter should closely monitor the USD 0.045 support level and apply strict risk management. A sustained upward movement is only realistic if overall market sentiment improves.
Sources
- TradingView
- Analysis by Akashnath S (published on June 2, 2025)
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