A widely followed cryptocurrency trader is leaning bullish on a low-cap memecoin built on the Solana (SOL) blockchain.
Pseudonymous trader Bluntz tells his 288,100 followers on the social media platform X that the hippopotamus-themed memecoin Moo Deng (MOODENG) “looks appealing” as it sits around 53% below its all-time high reached in late September.
According to Bluntz, MOODENG is also exhibiting bullish divergence in the four-hour time frame. A bullish divergence occurs when the price of an asset is printing lower lows while simultaneously seeing higher lows on an oscillator indicator such as the Relative Strength Index (RSI).
MOODENG is trading at $0.161 at time of writing, up by 10.38x from the September 20th low of $0.0155.
Bluntz further says,
“MOODENG at $150 million market cap after a 50%+ pullback is cheap in my opinion.”
The trader is also bullish on Dogecoin (DOGE), the largest memecoin by market cap. Bluntz says DOGE is demonstrating strength by making new highs against Bitcoin, unlike other altcoins.
“Hands are being shown.”
Dogecoin is trading at 0.00000273 BTC ($0.203) at time of writing, up around 54% over the past 30 days.
Next up is Sui (SUI). According to the pseudonymous analyst who regularly applies Elliott Wave theory in his technical analysis, Sui is close to the all-time high of $2.35 reached on October 13th.
Based on the widely followed analyst’s chart, it appears he is suggesting that SUI could rise to over $3 in a five-wave pattern. Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Sui is trading at $2.31 at time of writing.
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Generated Image: Midjourney