Pseudonymous cryptocurrency analyst The Moon said a new meme coin CHUCK (CRYPTO: CHUCK) built on Ethereum (CRYPTO: ETH) could surge over 1200% if it breaks past its immediate resistance level.

What Happened: The Moon in a Telegram message said, "As we dissect the candlestick patterns and scrutinize the moving averages for CHUCK meme coin, the technical indicators are painting an intriguing narrative."

The analyst added, "CHUCK’s current RSI (Relative Strength Index) readings suggest it is at the cusp of being overbought, a situation that can often precede a price correction or consolidation.”

The Moon offered a counterbalance with a different metric. “On the other hand, the MACD tells us there’s a bullish trend developing. If this trend continues and CHUCK pushes past its next resistance level, we could see a rise of up to 1200%,” they explained.

The CHUCK community is looking forward to seeing the coin listed on CoinMarketCap.

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Why It Matters: According to the latest data tracked by Dexscreener, CHUCK currently boasts a market cap of approximately $4.16 million. It enjoys a liquidity of over $400,000 and has a reported circulating supply of 42 billion CHUCK tokens across 625 owners.

The official website for CHUCK describes the meme coin as: "The strongest of all memes. Dogs, frogs, cats, and shady players – your time is over! CHUCK is here to save the meme-fest and claim his top spot in the meme hierarchy."

Moreover, the website clarifies that the meme coin has no formal association with the martial artist and actor Carlos Ray “Chuck” Norris Jr., nor with his representatives. The site notes that ‘CHUCK’ is: "Inspired by the legendary internet saga surrounding Chuck Norris, created by fans to celebrate the spirit of his character."

CHUCK  differentiates itself by launching on the Ethereum network, in contrast to many other meme coins that have found a home on the Solana (CRYPTO: SOL) blockchain, carrying the slogan: "Make Ethereum Great Again."

Price Action: At the time of writing, CHUCK was trading at $0.0000643.

Image via Shuterstock