A well-known cryptocurrency trader is feeling positive about a low-cap memecoin on the Solana (SOL) blockchain. The trader, known as Bluntz, shares with his 288,100 followers on X that the hippopotamus-themed memecoin, Moo Deng (MOODENG), “looks appealing.” Right now, it’s about 53% below its all-time high from late September.
Bluntz points out that MOODENG is showing bullish divergence on the four-hour chart. This means the price is making lower lows while an indicator like the Relative Strength Index (RSI) is making higher lows. It’s a good sign for potential price movement.
Currently, MOODENG trades at $0.161. That’s a big jump—up 10.38 times from its low of $0.0155 on September 20. Bluntz believes, “MOODENG at a $150 million market cap after a 50%+ pullback is cheap in my opinion.”
Bluntz is also optimistic about Dogecoin (DOGE), the top memecoin by market cap. He notes that DOGE is showing strength by hitting new highs against Bitcoin, unlike many other altcoins. Right now, Dogecoin is priced at 0.00000273 BTC, which is about $0.203. That’s an increase of around 54% over the past month.
Next up is Sui (SUI). The analyst, who often uses Elliott Wave theory for his technical analysis, sees Sui nearing its all-time high of $2.35 from October 13. His chart suggests that SUI might rise above $3 in a five-wave pattern.
Elliott Wave theory explains that the price trend of an asset moves in five waves, while corrections happen in three waves. As of now, Sui is trading at $2.31.