A closely-followed crypto analyst said that a mid-cap altcoin is one of the few digital assets on the market currently showing bullish potential.
The analyst, known as altcoin Sherpa, has 170,000 Twitter followers and considers decentralized liquidity protocol THORChain (RUNE) to be ready to rally as long as Bitcoin (BTC) manages to stay stable.
“There are a few altcoins that look good and RUNE is one of them. Good volume is coming. I guess the 200-day exponential moving average provides some resistance and then if BTC stabilizes we will continue to rise.”
While RUNE is giving bullish signals, Altcoin Sherpa also evaluates interoperability blockchain Polkadot (DOT) and says the altcoin looks vulnerable. The crypto strategist predicts that if the DOT loses the $16 support, the bears could target $11, which is around 30% lower than the current price.
“DOT: [kontrol noktasında]. If it loses that level, it ‘lights out’ and I think it goes to $11.”
The crypto analyst, who also examines Ethereum rival Terra, says that LUNA bulls may be better off waiting for a correction before opening a long position. Altcoin Sherpa thinks that after hitting an all-time high at $104, LUNA may still need to pull back for the bullish move to continue.
“LUNA: If I had been patient, I expected $75. If I was aggressive, I would expect a breakout/retest either above all-time highs or in the middle of $80.”
When it comes to Bitcoin (BTC), the popular trader is still waiting for one of the two levels to break before taking a position. According to altcoin Sherpa, BTC needs a break of $46,000 to confirm a bull run and $34,000 to confirm a bearish move.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.