A widely followed cryptocurrency analyst and trader is bullish on a small-cap, feline-inspired memecoin in the Binance Smart Chain ecosystem.
The trader known as Bluntz is telling his 274,800 followers on social media platform X that a massive breakout for the memecoin Simon’s Cat (CAT) is in the offing.
“Cats season is alive and well, CATs continue to build vertically and then exit, a steady climb since launch. I think a spectacular exit is near.”
Based on Bluntz’s chart, it seems to suggest that the CAT memecoin is breaking out of an ascending channel on a four-hour time frame.
At the time of writing, CAT is trading at $0.00004263, up about 291% from its August 22 low of $0.0000109. CAT is based on the popular British animated web series and books Simon’s Cat. The new memecoin, which just launched last month, currently has a market cap of just over $292 million.
The widely followed analyst also gives his thoughts on the layer-1 blockchain NEAR (NEAR). According to Bluntz, NEAR’s price is starting to rise and its rise could be fueled by the hype surrounding artificial intelligence (AI) technology.
In May of this year, NEAR announced that it was building tools that would allow users to develop their own AI applications on the protocol.
Bluntz says:
“I like NEAR again here too, which is starting to break out of its six-month downtrend.
I’m sure the AI narrative will come back at some point.
Looking at the trader’s chart, it seems to suggest that NEAR is attempting to break through its diagonal resistance.
At the time of writing, NEAR is trading at $4.36.
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Image generated: Midjourney
