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.
“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.
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