A closely followed analyst believes that one low-cap altcoin that has rallied by nearly 6x in the last three months is due for a big leg up.
Pseudonymous analyst Bluntz tells his 238,000 followers on the social media platform X that he’s keeping an eye on Moonriver (MOVR), an Ethereum (ETH)-compatible parachain built on Kusama (KSM)
Bluntz shares a chart that suggests MOVR has completed an ABC corrective wave and is primed to rally close to $40.
“Still like MOVR.
These setups are some of my all-time favorite, when price ranges and both the high and then low get taken shaking out both sides.
This is going to send in my opinion.”
Bluntz commonly uses the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to witness an ABC corrective wave before igniting the next surge.
MOVR is trading at $23.31 at time of writing, up around 478% from the low of $4.03 reached on October 27th last year.
Bluntz is also watching the price action of layer-1 blockchains Solana (SOL) and Sei (SEI). The analyst says that SOL and SEI are his top layer-1 picks as both altcoins “look spectacular.”
Solana is trading at $93.26 at time of writing while Sei is worth $0.662.
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