A widely followed cryptocurrency analyst and trader is optimistically leaning on a cat-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
“Cat season is alive and well, CAT continues to accumulate vertically and then break out, constantly grinding from launch. I think a huge outbreak is imminent.”
Based on Bluntz’s chart, he seems to suggest that the CAT memecoin is in the process of breaking out of a rising channel in a four-hour time frame.
CAT is trading at $0.00004263 at the time of writing, up about 291% from the August 22 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 has a market cap of just over $292 million.
The widely followed analyst also gives his view on the layer-1 blockchain NEAR (NEAR). According to Bluntz, NEAR’s price is start to turn upside and its rise could be boosted by the hype surrounding artificial intelligence (AI) technology.
In May this year, NEAR announced that it is building tools that allow users to develop their own AI applications on the protocol.
Says Bluntz,
“I like NEAR here again, starting to poke its head out of the six-month downtrend.
I am sure that the AI story will emerge again one day.”
Looking at the trader’s chart he seems to suggest that NEAR is trying to break its diagonal resistance.
At the time of writing, NEAR is trading at $4.36.
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Generated image: Midjourney