BROCCOLI Price Hits All-Time Low as Selling Pressure Mounts

Key Takeaways

• CZ’s Dog (BROCCOLI) reached a new all-time low on Feb. 19.
• The BROCCOLI price has fallen by nearly 70% since its launch.
• How long will BROCCOLI’s downward movement continue?

BROCOLLI is a meme coin based on Binance co-founder Changpeng Zhao’s (CZ) dog.

While several meme coins exist, none are official, but this is the biggest one, with a market capitalization of $60 million.

Its listing caused an increase in BNB chain activity, especially in its decentralized exchanges like Pancake Swap.

The meme coin has a 24-hour trading volume over twice as high as its market capitalization at $140 and $66 million, respectively.

Nevertheless, the price has trended in the past few days and reached a new all-time low on Feb. 19.

Let’s analyze its price action and see where this downward trend will end.

BROCCOLI Falls to New Lows

The BROCCOLI price has fallen 67% since its launch. During the weekend, the price movement was contained inside a symmetrical triangle. The breakdown from this triangle on Feb. 18 led to the acceleration of the decline and all-time low.

Additionally, there are no bullish trend reversal signs in sight. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing but have not generated any bullish divergences, which would lead to an impending bullish trend reversal.

Moreover, the BROCCOLI price trades below the $0.070 horizontal resistance area, which previously acted as support and has seemingly turned to resistance.

The most recent rejection from this area led to a new all-time low of $0.039 on Feb. 19.

While BROCCOLI bounced afterward, it has not reclaimed the area since. So, the BROCCOLI price is likely to continue falling to new lows.

More Downside Ahead

The BROCCOLI wave count gives a bearish prediction, supporting a decline to new lows. The count suggests the downward movement is an A-B-C structure, with wave B being contained inside the symmetrical triangle.

Giving waves A:C the same length leads to a low of $0.037, which would be a new all-time low. The wave count is in orange, aligning with this bearish outlook.

If the count is accurate, the BROCCOLI price has started wave three in this five-wave decline, which is often the sharpest portion of the decline.

After the BROCCOLI price completes wave C, a significant relief rally could begin, whose target depends on the projected BROCCOLI bottom.

Bearish Trend

Even though the BROCCOLI price has fallen 70% since its all-time high, the worst is not yet over.

The BROCCOLI trend is considered bearish until the price reclaims the $0.070 horizontal resistance area. A target for the new all-time low is at $0.036.