- Memecoins BONK and BRETT plunged 18% and 21% respectively following Trump's tariff announcement, which triggered an 11-12% drop in Bitcoin and Ethereum.
- Both tokens have reached critical support levels after prolonged downtrends since November rejections from ascending trendlines.
- BONK is trading at $0.000011 and BRETT at $0.034, both hovering at historically strong support zones that previously acted as rebound areas.
- While MACD indicators remain bearish, signs of flattening suggest potential trend reversal if support levels hold and bounce toward 25-day moving averages.
Date: Tue, March 04, 2025 | 02:17 PM GMT
The cryptocurrency market has been rocked by a major sell-off following U.S. President Donald Trump’s tariff announcement, sending bearishness through Bitcoin (BTC) and Ethereum (ETH), both of which have dropped by 11% and 12%, respectively, in the past 24 hours. This sharp decline has wiped out the gains from Sunday’s “crypto strategic reserve” pump and has triggered significant bearish momentum across the memecoin sector, with Bonk (BONK) and Brett (BRETT) suffering steep losses.
BONK has plunged 18%, while BRETT has nosedived 21%, extending their 60-days corrections to huge percentages.
Both memecoins have now reached critical support levels, leaving traders wondering whether a rebound is on the horizon or if further declines are imminent.
Bonk (BONK)
BONK’s weekly chart highlights a prolonged 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 its current level of $0.000011.
The price has now reached to bottom support zone that previously acted as a strong rebound area. The MACD indicator is still flashing bearish signals, but if BONK can hold this level, a relief bounce toward the 25-day moving average (MA) could confirm a short-term recovery. A break above that level might push the price toward the next resistance zone.
However, failure to maintain support at this level could open the doors for a deeper drop, potentially testing new lows not seen in months.
Brett (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. The MACD indicator remains bearish, suggesting that downward momentum is still dominant. If BRETT manages to hold this support, a bounce toward the 25-day MA could mark the start of a recovery.
On the flip side, a breakdown below this support would likely accelerate selling pressure, pushing the price further down.
What’s Next?
While both BONK and BRETT are facing strong bearish momentum, there is a possibility of a potential rebound as both memecoins have hit their respective bottom support zones. The MACD indicator, though still bearish, is beginning to show signs of flattening, which could hint at an upcoming trend reversal.
For now, traders should watch for any signs of a bullish crossover in the MACD and increasing volume, as these could indicate a shift in momentum. A confirmed bounce from these levels could offer a short-term recovery, but caution is advised in the current market environment.
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