A widely known cryptocurrency analyst and trader is expecting a bullish trend for a low-cost cat-inspired meme coin on the Binance Smart Chain ecosystem.
A trader known as Blunts told his 274,800 followers on social media platform X that he was seeing a massive breakout in the Simon’s Cat (CAT) mimecoin.
“Cat season is alive and well. Cats are building up vertically and then bursting, grinding nonstop from the launch. It looks like a face-splitting burst is coming soon.”
Based on Blunts’ chart, he sees CAT memecoin in the process of breaking out of the ascending channel within the 4-hour timeframe.
CAT is trading at $0.00004263 at the time of writing, up about 291% from its low of $0.0000109 on August 22. CAT is based on the popular British animated web and book series Simon’s Cat. Launched last month, the new memecoin currently has a market cap of just over $292 million.
The widely followed analyst also offers his opinion on the Layer 1 blockchain NEAR (NEAR). According to Bluntz, the price of NEAR has started to rise, and the rise could be supported by the hype surrounding artificial intelligence (AI) technology.
In May of this year, NEAR announced that it was developing tools that would allow users to develop their own AI applications on the protocol.
Bluntz says:
“I like NEAR again here, it’s starting to break out of its 6 month downtrend.
I am confident that the AI story will resurface someday.”
Looking at the trader’s chart, it looks like NEAR is trying to break through the diagonal resistance line.
At the time of writing, NEAR was trading at $4.36.
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