The Brit cryptocurrency formed a “divine candle” as sentiment in the crypto industry improved after Binance announced the listing of its futures.
BRETT, the largest meme coin on the underlying blockchain, has been among the best performing assets in the cryptocurrency market.
The rally was primarily driven by Bitcoin (BTC) crossing the important resistance level of $60,000, reaching its highest point since August 14. As a result, most altcoins and meme coins like Dogwifhat (WIF) and Floki (FLOKI) gained more than 10% while the total value of all coins rose to $2.13 trillion.
The strong performance of BRETT was also supported by the announcement by Binance, the world’s largest cryptocurrency exchange, that it will list BRETTUSDT futures on August 20. This listing will allow users to trade the token with maximum leverage. Up to 50 timesCryptocurrencies often see price increases when they are added to major exchanges like Binance.
The value of the BRETT token surged further after Base announced the upcoming launch of Basenames, a feature similar to the Ethereum Name Service. Basenames will allow 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.
The token’s value surged in a high-volume environment, with 24-hour trading volume rising to $115 million and open interest in futures rising to $33.5 million, its highest level since August 2.
BRIT price surged after forming a dragonfly doji.
Brett formed a “divine candle” – a large, sudden bullish candle – after creating two prominent chart patterns: a falling wedge and a dragonfly doji.
The symbol was forming a falling wedge pattern on the daily chart. This pattern often signals a potential bullish breakout. Additionally, Brett’s rise came after a small dragonfly-shaped doji candle. In this case, it features a small body and a long lower shadow, a well-known bullish reversal pattern.
However, it is still uncertain whether this rally represents a decisive turning point for BRITT. Despite Bitcoin reclaiming the $60,000 level, it is still technically stuck in a two-week range and is looking for a strong catalyst to push the price higher. BRITT also remains below the downtrend line that connected its highest volatility since July 2.
Further upside potential for BRITT will be confirmed if the token surpasses the intraday high of $0.1167, which indicates stronger bullish momentum in the market.
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