A closely followed crypto analyst says one mid-cap altcoin is one of the few digital assets on the market that’s currently showing bullish potential.
The analyst known as Altcoin Sherpa tells his 170,000 Twitter followers that decentralized liquidity protocol THORChain (RUNE) is ready to rally as long as Bitcoin (BTC) manages to stay stable.
“There are a few alts that are looking good and RUNE is one of them. Good volume coming in. I’m guessing that 200-day exponential moving average provides some resistance and then we continue up if BTC stabilizes.”
THORChain is powered by the Tendermint proof-of-stake protocol and is designed to make it easy to swap crypto assets through decentralized cross-chain bridges.
While RUNE is flashing bullish signals, Altcoin Sherpa says interoperable blockchain Polkadot (DOT) looks vulnerable.
The crypto strategist says that if DOT loses the $16 mark, bears may be able to target $11, roughly 30% down from current prices
“DOT: Is at the [point of control]. If it loses this level, it’s ‘lights out’ and going to $11 in my opinion.”
Looking at Ethereum competitor Terra, the crypto analyst says that LUNA bulls may be better off waiting for a correction before placing long positions. After printing a new all-time high at $104, Altcoin Sherpa says LUNA may still need to pull back before bullish action can resume.
“LUNA: If patient then I would look for $75.
If aggressive, I would either wait for a break/retest above all time highs or mid $80s.”
When it comes to Bitcoin (BTC), the popular trader is still waiting for a break of one of two levels before taking a position. According to Altcoin Sherpa, BTC needs a clean break of either $46,000 to confirm a bull run or $34,000 to confirm further bearish action.
At time of writing, Bitcoin is trading at $39,207, almost completely flat for the past seven days.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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