The cryptocurrency market had quite a rollercoaster week that concluded on a rather grim note, primarily driven by Bitcoin's performance. Altcoins also went through a similar rollercoaster ride, with a number of them experiencing losses, especially the meme coins that are perilously close to touching new lows.
BeInCrypto took a deep dive into three such meme coins, reflecting the varying degrees of market decline: some hit weekly lows while others witnessed substantial losses.
Brett (BRETT)
Over the past week, BRETT saw a 9% increase in its price, only to lose all those gains on Friday due to significant corrections. The meme coin is currently trading at $0.0379, falling below the local resistance level of $0.0429.
It's been a tough battle for BRETT in the face of the prevailing bearish market conditions, struggling to break through. Nevertheless, if there's sustained interest, there's still hope for a breakthrough above the resistance level.
The key target for BRETT is to surpass $0.0478 and flip it to support, indicating a 17% upsurge. This feat has proven to be quite challenging for the altcoin, with previous attempts falling short over the past month.
If BRETT manages to turn $0.0478 into a supportive level, it could pave the way for further growth, potentially propelling BRETT beyond $0.0500.
Goatseus Maximus (GOAT)
GOAT has been on a downward trajectory since the year began, currently trading at $0.0634. This prolonged decline has wiped out almost all its prior gains. The unfriendly market conditions have made it tough for GOAT to muster any upward momentum.
At the moment, GOAT hovers just above its all-time low (ATL) of $0.0601 after a notable 37% decline in the past week. If the market conditions persist in their negativity, GOAT might dip below $0.0600, potentially setting a new ATL and worsening its losses.
However, with a boost from optimistic investors or a shift in market sentiment, GOAT could potentially stage a recovery.
The meme coin's target is set at $0.1104, and if it manages to breach this resistance level, the gloomy outlook could be overturned, aiding GOAT in reclaiming lost ground.
OFFICIAL TRUMP (TRUMP)
TRUMP took an initial leap to $13.11 earlier in the week before retracting to $12.28 by Friday. The meme coin has held its ground above the crucial support level of $12.10, hinting at a stabilizing trend amidst the market's turbulence.
This support level remains pivotal for price actions.
Although TRUMP hit an intraweek high of $17.14, it struggled to sustain its upward trajectory. The persistent downtrend and prevailing bearish market conditions pushed the price back.
Looking ahead, TRUMP is poised to consolidate within the $17.14 and $12.41 range, with these levels indicating significant resistance and support.
This balanced outlook could only be disrupted if TRUMP dips below $12.41. A breach below this support could steer the altcoin towards its all-time low (ATL) of $11.07, signaling a bleaker trend and extending the losses seen in the current downtrend.