A popular cryptocurrency trader and analyst is pointing out a particular memecoin that he thinks has significant upside potential, while also sharing his thoughts on the layer-1 altcoin Sui (SUI).
The analyst, who goes by the name Bluntz tells his 278,500 followers on X that the cat-themed memecoin, Simon’s Cat (CAT), “appears to be set for its next upward move.”
Using the Elliott Wave theory for his technical analysis, Bluntz suggests that CAT has finished a three-wave downward correction on the four-hour chart and has entered a phase of “accumulation” that has lasted a few days. According to the Elliott Wave theory, the primary trend of asset prices typically moves in a five-wave formation, while corrections happen in a three-wave cycle. From the chart provided by the pseudonymous analyst, it seems he believes that CAT could surpass its all-time high of approximately $0.0000462.
“This is, in my view, one of the most successful launches of a memecoin. It has not experienced any significant dips and has been on an upward trajectory since the beginning.”
At the time of writing, Simon’s Cat is priced at $0.0000285.
Next on the agenda is Sui, a competitor to Solana (SOL). The pseudonymous analyst notes that Sui shows strength through its resilience.
Reinforcing predictions he made last month, Bluntz stated that Sui would “surprise a few people” in the following weeks and months, and he describes Sui as an “absolute beast.”
“Sui was the first to recover from yesterday’s downturn.”
Sui is currently trading at $1.88, which marks a nearly 140% increase over the last 30 days.
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Disclaimer: The opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transactions and trades are your own responsibility, and any losses incurred are solely yours. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it operate as an investment advisor. Additionally, The Daily Hodl engages in affiliate marketing.
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