BRETT Emerges as a Contender to DOGE's Throne as Price Action Suggests a Potential Liftoff Toward $0.09

As Dogecoin prepares for what some analysts believe could be another massive breakout, a new contender has emerged.

In the ever-evolving landscape of cryptocurrencies, new contenders are constantly emerging, vying for attention and investment. As Dogecoin (CRYPTO: DOGE) prepares for what some analysts believe could be another massive breakout, a new token has entered the scene, positioning itself as a formidable rival to the meme coin giant.

With price action suggesting a potential liftoff toward $0.09, BRETT appears to be making a strong case for itself. Technical analysis reveals a compelling convergence of bullish signals, and one analyst is closely following the token’s every move.

BRETT Stands in a Good Trendline

Looking at the latest price chart for BRETT/USDT, the token is currently trading at $0.065, experiencing a slight pullback of -4.55%. However, this dip has landed squarely into a well-defined support zone. It is located at a point where horizontal support, an ascending trendline, and historical price memory converge. In the realm of technical analysis, such a structure is often viewed by traders as a high-conviction accumulation zone.

BRETT is holding above a long-term ascending trendline that has consistently supported previous price rallies. The recent bounce within this blue rectangular support region indicates that buyers are stepping in at these levels. This price structure, characterized by higher lows and tightening price action, is forming what is known as a classic bullish continuation pattern. The overlaid forecast path suggests a potential push toward the $0.07–$0.075 range, followed by a breakout toward the $0.09 level. If confirmed, this would represent a near 40% upside from current levels.

Chart: View on TradingView

Meanwhile, Dogecoin’s long-term macro chart is quickly gaining attention among technical analysts. A six-month logarithmic candlestick view on the chart reveals a stunning cup-and-handle formation, which has cycled through three distinct phases. These phases correspond to 2017, 2021, and potentially 2025. Not only this, but the rounded bottoms have historically been the catalyst for exponential price moves for DOGE. Each is highlighted by a vertical green oval, showcasing the explosive breakout candle.

As the pattern appears to be nearing completion for the current cycle, speculation is intensifying around another parabolic leg for DOGE. This pattern, if completed, could propel DOGE to multi-dollar valuations once again.

#Dogecoin's 6-month chart provides a clear macro picture of its past gains and forecasts its future moves 🔥$Doge pic.twitter.com/Ad92UyHdBj

The Perfect Timing

What makes the situation interesting is the timing. DOGE’s historical breakout windows occurred roughly every four years, aligning with Bitcoin’s halving cycles and broader market rotations. If history repeats itself, DOGE could soon be due for a breakout.

The cryptocurrency, known for its Shiba Inu mascot and meme-driven online community, shot up rapidly in 2021, largely fueled by the meme stock frenzy and retail trader interest. Back then, it soared from lows below $0.0035 in January to highs near $0.70 in May 2021. After testing the $0.30 zone, the token went on a seven-month consolidation phase.

After a strong 2020-2021 run, meme coin interest largely shifted to new narratives and projects. However, if the cup-and-handle pattern plays out, it could set the stage for another leg in 2024, especially if broader crypto markets cooperate.