Brett price could explode higher as unique pattern forms

Brett, the biggest meme coin on the Base Blockchain, rises for two straight days as whale purchase fuels bullish sentiment.

Brett (BRETT) surged to $0.1350, marking a 25% increase from its December lows when most meme coins faced declines.

This recovery is largely attributed to the ongoing resurgence in the crypto industry following the Christmas holiday season. Investors are optimistic due to several potential catalysts, including the upcoming inauguration of Donald Trump, anticipated changes at the Securities and Exchange Commission, and the distribution of funds from the FTX estate. 

The rally in meme coins has pushed the total market cap of the sector to over $117 billion. Among the top performers are Bonk, Dogwifhat, Fartcoin, and Popcat.

Brett’s rise is also linked to on-chain data revealing a significant purchase by a whale investor. The whale reportedly bought $1.7 million worth of Brett tokens and now holds $2.1 million in Brett, according to Nansen. On-chain activity indicates substantial BRETT purchases in the past 24 hours.

Brett’s performance mirrors that of Base, the layer-2 network launched by Coinbase in 2023. It has become the biggest L2 network in tems of Decentralized Finance total value locked and DEX transaction volume. Data shows that its DEX protocols have handled over $181 billion in volume since its inception and $10 billion in the last 7 days. 

Brett price patterns points to more gains

The daily chart shows that Brett also jumped for technical reasons. Its recent crash was part of the formation of a falling wedge chart pattern. This is a highly popular reversal pattern created by connecting two converging trendlines. A rebound usually happens when the two lines are nearing their confluence, which happened recently.

The retreat was also part of the handle section of the cup and handle pattern. The cup formed between June and September last year, with a depth of approximately 70%. By projecting this depth from the upper edge of the cup, Brett could potentially rise to $0.3335, representing a 141% gain from current levels. A sustained move above $0.20—the upper boundary of the cup—would confirm this bullish outlook.

Conversely, a drop below the lower edge of the wedge at $0.10 would invalidate the positive outlook for Brett.