Brett crypto token formed a “God candle” as sentiment in the crypto industry improved following Binance’s announcement of its futures listing.
Brett (BRETT), the largest meme coin on the Base Blockchain, was among the top-performing assets in the crypto market.
This surge was primarily driven by Bitcoin (BTC) crossing the significant resistance point at $60,000, reaching its highest point since Aug. 14. As a result, most altcoins and meme coins like Dogwifhat (WIF) and Floki (FLOKI) rose by over 10% while the total valuation of all coins rose to $2.13 trillion.
Brett’s strong performance was also fueled by Binance’s announcement, the world’s largest crypto exchange, that it will list the BRETTUSDT futures on Aug. 20. This listing will allow users to trade the token with a maximum leverage up to 50 times. Cryptocurrencies often experience price increases when added to major exchanges like Binance.
The BRETT token further rallied after Base announced the upcoming launch of Basenames, a feature similar to Ethereum Name Service. Basenames will enable users to create easy-to-use domains for on-chain activities, a significant development for Brett given its large market share within the Base ecosystem.
— Base (@base) August 19, 2024Basenames, the fastest way to start building on Base, are coming soon
Claim a unique base.eth username to make it easier to connect, collaborate, and contribute onchain
We can’t wait to see how you’ll build your onchain identity pic.twitter.com/7sMSZ7kYF0
The token’s rally occurred in a high-volume environment, with 24-hour trading volume rising to $115 million, and futures open interest climbing to $33.5 million, its highest level since Aug. 2.
Brett price rallied after dragonfly doji formation
Brett formed a “God candle”—a large and sudden bullish candle—after establishing two notable chart patterns: a falling wedge and a dragonfly doji.
The token had been forming a falling wedge pattern on the daily chart. This is a pattern that often signals a potential bullish breakout. Additionally, Brett’s rally followed the appearance of a small dragonfly doji candlestick. In this case, it is characterized by a small body and a long lower shadow, which is a recognized bullish reversal pattern.
However, it’s still uncertain if this rally represents a definitive turning point for Brett. Although Bitcoin has reclaimed the $60,000 level, it is technically still stuck in a two-week range and is in search of a solid catalyst to drive the price higher. Brett also remains below the descending trendline that has connected its highest swings since July 2.
Further upside potential for Brett will be confirmed if the token surpasses the intraday high of $0.1167, which would indicate stronger bullish momentum in the market.