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 rose to $0.133, up 31% from its lowest swing this month. Some traders believe that the meme coin has more upside going forward.
Analyst is bullish on Brett
In an X post, Michael van de Poppe, a trader with over 721,000 followers, noted that he was optimistic that the token would rise to $0.1712, a 30% increase from Friday’s trading level.
If he is correct, Brett’s market cap will pass Floki (FLOKI), which has a market cap of $1.7 billion.
Brett’s rebound happened as the Bitcoin 2024 conference kicked off today. In a statement at the event, Robert Kennedy, an independent presidential candidate, noted that he was a big supporter of Bitcoin (BTC).
The event’s main headliner will be Donald Trump, who is leading in most polls, including in Polymarket. Trump is expected to reiterate his support for cryptocurrencies. Analysts are torn about whether he will announce a Bitcoin reserve at this event.
Base Blockchain is doing well
Brett token also rallied as the Base blockchain ecosystems continued doing well. Launched in 2023 by Coinbase, Base has accumulated over $1.6 billion in DeFi assets, making it the 6th biggest chain in the industry. It has passed popular networks like Cardano (ADA), Avalanche (AVAX), and Polygon (MATIC).
At the same time, Brett and other altcoins jumped as the US stock market rebounded, signaling that investors have embraced a risk-on sentiment. The Dow Jones index rose by over 600 points, while the S&P 500 and Nasdaq 100 jumped by over 80 basis points.
Technically, Brett has formed a morning star pattern, which is a popular reversal sign. In the past, the token rose by double-digits when it formed this pattern. For example, it formed on July 12 and then rose by 40%.
On the flip side, this rebound could be a dead cat bounce, where an asset rises briefly and then resumes the bearish trend.
