The cryptocurrency market has faced a sharp decline following U.S. President Donald Trump's tariff announcement, leading to a drop in Bitcoin (BTC) and Ethereum (ETH) by over 11% and 12%, respectively. This situation has put significant pressure on the memecoin sector, including Bonk (BONK) and Brett (BRETT), which have suffered substantial losses.
Price Drop in BONK and BRETT
BONK has plummeted by 18%, while BRETT has nosedived by 21%, continuing their 60-day corrections at considerable rates. Both memecoins have reached critical support levels, raising questions about potential recoveries or further declines.
Technical Analysis of BONK
BONK's weekly chart highlights a prolonged downtrend since the rejection from the ascending trendline on November 18 at $0.000062. This rejection led to a sharp correction, bringing the price down to its current level of $0.000011. The price has reached the bottom support zone that previously acted as a strong rebound area. The MACD indicator continues to flash bearish signals, but if BONK can hold this level, a relief bounce toward the 25-day moving average could confirm a short-term recovery.
Technical Analysis of BRETT
Like BONK, BRETT has been in a steady downtrend after its rejection from the ascending trendline on November 25 at $0.23. Since then, the token has undergone a major correction, now trading at $0.034. BRETT is currently hovering at a crucial support zone, which has historically acted as a key rebound area. If BRETT manages to hold this support, a bounce toward the 25-day MA could mark the start of a recovery.
Despite strong bearish momentum in BONK and BRETT, they have hit their respective bottom support zones, indicating a potential rebound. The MACD indicator is beginning to flatten, which could signal an upcoming trend reversal. However, caution is advised in the current market environment.
