Why is Brett absent today Key factors behind the 20 drop

Coin World News Report:
Affected by the collapse of Bitcoin, BRETT holders have sold a large amount of tokens, triggering a significant pullback. The demand for tokens is at one of the lowest levels, and market sentiment is also pessimistic.
Brett [Brett] is a meme coin and top cryptocurrency on Base, and its price has plummeted by an astonishing 20.13% in the past 24 hours. Therefore, although the trading price three days ago was $0.16, the price of this token has dropped to $0.11.
But why would Brett give up? There is no denying that the price crash may be related to the broader cryptocurrency market crash. In the past 24 hours, the total cryptocurrency market cap has dropped 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 falling below $55,000 and trading below the 200-day moving average. The last time this happened, the market went through a prolonged adjustment period.
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 the token’s trading volume has surged to $71.4 million at the time of writing.
Volume represents interest. When it increases, it means there is a lot of buying and selling going on. However, when it decreases, it indicates a weakening interest in the token.
But to understand the weight of the buying and selling, one can look at the price. For example, if the volume goes up and the price rises, 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 could provide strength to the downward trend. If that’s 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 reading of the indicator will be positive. However, in cases where negative discussions outweigh positive ones, the reading turns red.
At the time of writing, the weighted sentiment of BRETT 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.
Therefore, 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, and the usual expectation is for a rebound.
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However, this may be challenging, especially if there are no signs of recovery in the broader market yet.
If this situation persists, the value of the token may drop below the mentioned $0.10. However, if the price of Bitcoin recovers and other cryptocurrencies follow suit, this scenario may become invalid.