Brett price could explode higher as unique pattern forms

Brett, the largest meme coin on the Base Blockchain, has been on the rise for two days as whale buying fueled the bullish trend.

Brett (BRETT) rose to $0.1350, up 25% from its December low when most memecoins were seeing declines.

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

The rise in meme coins has increased the total market value of the industry to over $117 billion. Top performers include Bonk, Dogwifhat, Fartcoin and Popcat.

Brett’s rise is also linked to on-chain data that reveals a significant purchase by a whale investor. The whale reportedly purchased $1.7 million worth of Brett tokens and currently holds $2.1 million in Brett, according to Nansen. On-chain activity indicates significant BRETT purchases over the last 24 hours.

Brett whale purchases | Source: Nansen

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

Brett price patterns point to further gains BRETT daily chart | Source: crypto.news

The daily chart shows Brett also jumped for technical reasons. Its recent collapse was part of the formation of the falling wedge chart pattern. This is a very popular reversal pattern created by combining two converging trend lines. A rebound usually occurs when two lines approach a recent junction.

The retreat was also part of the handle section of the cup and handle pattern. The depth of the cup, which formed between June and September last year, was approximately 70%. By reflecting this depth from the upper edge of the cup, Brett could potentially rise to $0.3335, representing a 141% gain from current levels. A sustainable move above the cup’s upper limit of $0.20 will confirm this bullish view.

Conversely, a decline below $0.10, the lower edge of the wedge, would invalidate Brett’s positive outlook.