A closely watched analyst believes that a low-cap altcoin that has risen nearly six times in the past three months is in for a big rise.
Pseudonymous analyst Bluntz tells his 238,000 followers on the social media platform
Bluntz shares a chart indicating that MOVR has completed an ABC correction wave and is poised to rise close to $40.
“I still love MOVR.
These setups are some of my all-time favorites when taking price ranges and both the high and low and shaking it out both ways.
This is going to pass on my opinion.”
Bluntz often uses Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following the psychology of the crowd that often manifests itself in waves. According to the theory, a bullish asset tends to witness an ABC correction wave before the next wave arises.
MOVR is trading at $23.31 at the time of writing, up about 478% from the low of $4.03 reached on October 27 last year.
Bluntz also watches the price action of layer-1 blockchains Solana (SOL) and Sei (SEI). The analyst says SOL and SEI are his top tier 1 picks because both altcoins “look spectacular.”
Solana is trading at $93.26 at the time of writing, while Sei is worth $0.662.
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Generated image: DALLE3