A widely followed cryptocurrency analyst and trader is highlighting one memecoin that he believes possesses more upside potential while offering his insights on layer-1 altcoin Sui (SUI).
The analyst pseudonymously known as Bluntz tells his 278,500 followers on the social media platform X that the feline-inspired memecoin, Simon’s Cat (CAT), “looks finally ready for the next leg higher.”
According to the analyst who regularly applies the Elliott Wave theory in his technical analysis, CAT has completed a three-wave correction to the downside in the four-hour time frame and has enjoyed a “few days of accumulation.” The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern. Based on the pseudonymous analyst’s chart, it appears that he’s suggesting that CAT could rise above the all-time high price of around $0.0000462.
“One of the most successful memecoin launches in my opinion. Unlike most, it never really had any kind of large dip, from day one it has been uptrending.”
Simon’s Cat is trading at $0.0000285 at time of writing.
Next up is the Solana (SOL) rival Sui. According to the pseudonymous analyst, Sui is demonstrating strength with its resilience.
While doubling down on a forecast he made last month that Sui would “surprise a few people” over the subsequent weeks and months, Bluntz says that Sui is an “absolute beast.”
“Sui is basically the first to recover yesterday’s down move.”
Sui is trading at $1.88 at time of writing, up by nearly 140% over the past 30 days.
Generated Image: Midjourney