dailyhodl.com
A widely followed cryptocurrency analyst and trader is leaning bullish on a feline-inspired low-cap memecoin in the Binance Smart Chain ecosystem.
The trader pseudonymously known as Bluntz tells his 274,800 followers on the social media platform X that a massive breakout for the Simon’s Cat (CAT) memecoin is in sight.
“Cat season alive and well, CAT just keeps vertically accumulating then breaking out, constant grind up from launch. I think a face-ripping breakout is near.”
Based on Bluntz’s chart, he seems to suggest that the CAT memecoin is in the process of breaking out from an ascending channel in the four-hour time frame.
CAT is trading at $0.00004263 at time of writing, up by approximately 291% from an August 22nd low of $0.0000109. CAT is based on the popular British animated web and book series Simon’s Cat. The new memecoin, which was just launched last month, currently boasts a market cap of a little over $292 million.
The widely followed analyst also offers his take on the layer-1 blockchain $NEAR ($NEAR). According to Bluntz, the price of $NEAR is starting to turn upwards and its ascent could be bolstered by the hype around artificial intelligence (AI) technology.
In May of this year, $NEAR announced that it is building tools that would enable users to develop their own AI applications on the protocol.
Says Bluntz,
“Liking $NEAR again here too, starting to poke its head out of six-month downtrend.
I’m sure the AI narrative will rear its head again at some point.”
Looking at the trader’s chart, he seems to suggest that $NEAR is attempting to breach its diagonal resistance.
At time of writing, $NEAR is trading for $4.36.
Generated Image: Midjourney