A prominent crypto investor known as Bluntz has forecasted a significant upswing for Moonriver (MOVR), an Ethereum-compatible parachain on Kusama, following its sixfold increase in value over the past three months. Bluntz, who is recognized for his application of Elliott Wave theory in technical analysis, suggests that MOVR has completed a corrective wave pattern and is poised for a robust ascent, potentially reaching $40.
Bluntz’s analysis is based on crowd psychology patterns that often emerge in market trends, as per the Elliott Wave theory. This theory posits that after completing a typical ABC correction, an asset is likely to begin a new wave of momentum. Bluntz has shared his insights and a supporting chart with his social media followers, indicating his continued interest and positive outlook for MOVR.
At the time of the report, MOVR had experienced a substantial 500% growth over a three-month period and was trading at $23.83, marking a 2.63% increase within the last 24 hours. This performance underscores the cryptocurrency’s potential for further gains as anticipated by the analyst.
Layer 1 Networks Solana and Sei Earn Praise
In addition to his optimistic stance on MOVR, Bluntz has also expressed enthusiasm for the Layer 1 networks Solana (SOL) and Sei (SEI). He commends the price charts of both networks, describing them as “fantastic” and highlighting SOL and SEI as top performers among Layer 1 solutions.
At the time the article was written, SOL was trading at $92.58 with a marginal 24-hour increase of 0.16%, while SEI was at $0.644, up by 1.26% in the same period. These figures reflect a positive sentiment in the market for both Solana and Sei, aligning with Bluntz’s bullish perspective.