Brett, the biggest meme coin in the Base Blockchain, rose by over 12% on Friday as sentiment in the crypto and stock industries improved. Brett (BRETT) token climbed to $0.133, up 31% from its lowest swing this month, with traders betting on further gains.
Michael van de Poppe, a trader with over 721,000 followers on X, expressed optimism that the token could rise to $0.1712, a 30% increase from Friday’s level.
I’ve long been a day trader, and memes are great for that perspective.
A ton of volume.
And there is a ton of volatility.
When it comes to $BRETT, I’d like to search for longs here from this area at $0.125-0.1325 to $0.170 as a clear identification for a potential upward run. pic.twitter.com/hWmSjCZGJa
— Michaël van de Poppe (@CryptoMichNL) July 26, 2024
If his prediction holds, Brett’s market cap will surpass Floki (FLOKI), currently valued at $1.7 billion.
Brett’s rebound coincides with the Bitcoin 2024 conference. Speaking at the event, Robert Kennedy, an independent presidential candidate, proclaimed his support for Bitcoin (BTC).
Donald Trump, the event’s main headliner, is anticipated to reaffirm his endorsement of cryptocurrencies. There’s speculation that he might announce a Bitcoin reserve.
**Base Blockchain is doing well**
Brett’s surge is also linked to Base blockchain’s success. Launched in 2023 by Coinbase, Base has over $1.6 billion in DeFi assets, ranking it as the 6th largest blockchain network.
Brett and other altcoins also benefited from a broader market rally. The Dow Jones rose by over 600 points, while the S&P 500 and Nasdaq 100 indices increased by over 80 basis points.
Technically, Brett has formed a morning star pattern, a popular reversal signal. Historically, the token has risen significantly after forming this pattern, including a 40% increase on July 12.
However, this rebound could be a dead cat bounce, where an asset rises momentarily before resuming its downward trend.
