Date: Thu, March 13, 2025 | 11:49 AM GMT
The cryptocurrency market has faced a massive downtrend since the highs of late 2024, with major altcoins and memecoins experiencing steep declines. Ethereum (ETH), for example, has dropped by over 50% in the past 90 days, falling from its December peak of $4,000 to its current level of $1,900. This downturn has added immense pressure across the broader market.
Among the hardest-hit memecoins, Bonk (BONK) and Brett (BRETT) have suffered significant losses, with BONK down by 72% and BRETT plummeting by 82%. Now, both tokens have approached key support levels, raising the question: Could this be an accumulation opportunity?
Bonk (BONK) Analysis
BONK’s weekly chart highlights months of consistent downtrend since its rejection from the ascending trendline on November 18 at $0.000062. This rejection led to a sharp correction, bringing the price down to a low of $0.0000091 at a crucial support zone.
Currently, BONK is trading at $0.00001067, holding above this historical support level, which previously acted as a strong rebound zone. The MACD indicator is showing signs of a potential reversal, with decreasing bearish momentum and the possibility of a bullish crossover.
If BONK can maintain this level, a relief bounce toward the 25-day moving average (MA) could trigger a short-term recovery. A breakout above this MA might push the price toward the next resistance zone at $0.000036.
Brett (BRETT) Analysis
BRETT has mirrored BONK’s price action, facing a steady decline after getting rejected from the ascending trendline on November 25 at $0.23. Since then, the token has undergone a major correction, testing a low of $0.025 at a strong support zone.
Now, BRETT is trading at $0.031, holding above this support area, which has previously triggered significant rebounds. The MACD indicator is beginning to show signs of a slowdown in bearish momentum, hinting at a possible trend reversal.
If BRETT can hold above this level, a relief rally toward the 25-day MA could confirm a short-term recovery. Breaking above this MA resistance could pave the way for a push toward the next key resistance level at $0.16.
An Accumulation Opportunity?
While both BONK and BRETT remain under strong bearish pressure, their ability to hold above key support zones suggests the potential for a reversal. The MACD indicators for both tokens are weakening in bearish strength, hinting at a possible shift in momentum.
As long as these critical support levels hold, traders and investors might see this as an opportunity to accumulate, anticipating a possible rebound in the coming weeks. However, a decisive breakdown below these levels could open the doors for further downside.
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