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Based Brett (BRETT), a crypto on the Base chain, has captured attention following a notable observation in its price movement.
Ali Martinez, a well-known analyst on X, recently informed his followers that he is buying BRETT at $0.084. This move comes as BRETT forms an ascending triangle pattern.
The pattern suggests increasing buying pressure. Martinez’s decision to invest aligns with expectations of an upward breakout.
I'm buying $BRETT right now at $0.084. The #BRETT 4-hour chart hints at an ascending triangle, with potential targets at $0.105 and $0.152. I'm leaving my stop loss at $0.083. pic.twitter.com/V9Pkye8IBF
— Ali (@ali_charts) August 27, 2024
Ascending Triangle Formation
The ascending triangle seen in BRETT’s chart highlights a developing bullish continuation pattern. The horizontal resistance line, which has been tested multiple times, currently sits around $0.105.
Despite several attempts, the price has failed to break through this level. At the same time, the rising support trendline reflects consistent higher lows, indicating a steady increase in buying activity.
Notably, the price of BRETT at the time of his observation was hovering around $0.084, slightly below the mid-range of the triangle. According to his projection, the next major resistance level lies between $0.105 and $0.152.
Should the price break through the $0.105 resistance level, the chart points toward a target price of $0.152, representing the height of the triangle at its widest point. Martinez has placed his stop loss at $0.083, indicating a cautious approach as he waits for a possible breakout.
Dylan Predicts Price Bounce
Adding to the positive outlook for BRETT, another analyst, Dylan, has also expressed optimism. Dylan predicts a bounce back from the $0.08 level, which aligns with the ascending triangle’s rising support trendline.
As seen on the chart, the support trendline has been respected several times, showing continued interest from buyers. Dylan expects the price to rise within the triangle’s structure and test the upper resistance level near $0.12 by the end of September. Should this test succeed, it could pave the way for a further bullish rally.
Previous Investor Gains
Notably, a previous report spotlighted an early BRETT buyer who turned a $178 investment into $1.71 million after the memecoin gained traction. This trader initially acquired 96.946 million tokens when the price was just $0.00000184.
By strategically selling his holdings as BRETT surged, he secured significant returns. The price spike came as BRETT gained popularity and was listed on major exchanges such as Binance and Upbit.