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