The dynamic nature of cryptocurrency markets leads investors and analysts to constantly seek new opportunities. In this context, Kaleo, a well-known name in the industry, excited investors with its evaluations about THORchain (RUNE), an altcoin that has attracted attention recently. Kaleo shared his expectations for RUNE’s potential rise in detail, based on technical analysis and strong fundamental factors.
Kaleo’s analysis emphasizes that breaking above the descending trend line observed on daily charts could be a critical turning point for THORchain (RUNE). This breakout stands out as a key technical indicator that supports the analyst’s optimism about a possible uptrend in the future. At the heart of the analysis, breaking above the higher timeframe (HTF) resistance is an important milestone for RUNE. If this resistance level is breached, new all-time highs “could easily be reached,” Kaleo says. This situation gives the analyst a positive view in a broader perspective. table causing it to scratch.
“I bought the dip and initiated a position in RUNE. If there’s one thing I’ve learned in the last few months, it’s to never lose momentum. “If this manages to break above the HTF (high timeframe) resistance, I can see it easily moving towards new ATHs (all-time highs).”
THORchain, currently the 50th largest crypto asset by market cap, is trading at $5.40 at the time of this writing, up nearly 231% from the low of $1.63 recorded on October 21. The altcoin reached its record high of $21.28 in May 2021.
According to Kaleo, the THORchain/Bitcoin (RUNE/BTC) trading pair broke a higher timeframe resistance level on the daily chart last month, coinciding with the beginning of the current rally.
“RUNE broke above the HTF resistance at the beginning of November when it really started to move higher on the BTC trading pair. “I don’t want to miss the opportunity for an INJ-type run with a name I’ve been familiar with for a long time, but whose horizontal movements I mostly watch from the sidelines.”
Bitcoin is next. In the chart below, Kaleo appears to suggest that the flagship crypto asset is currently mirroring the price action it has recorded in 2020 and 2021 on the four-hour chart. Additionally, it appears that the analyst expects Bitcoin to reach a price above $48,000 early next year.
Something like this from here pic.twitter.com/BaPTSNEfir
— KALEO (@CryptoKaleo) December 19, 2023
The popular analyst also says the following about what the next year holds for crypto assets:
“Solana will approach $100. Avalanche will approach $50. Bitcoin will approach $50,000. Altcoins will start moving again. Meme coins will be minted. NFTs (non-fungible tokens) will wake up. And [Bitcoin] There are still four months until the halving event. “2024 will be a crazy year.”
You can follow the current price movement here.