According to a leading crypto analyst, known as Altcoin Sherpa, is looking into five popular altcoins THORChain (RUNE), Terra (LUNA), Kyber Network Crystal (KNC), The Graph (GRT) and Algorand (ALGO), and identifies good entry points.
THORChain (RUNE)
In a recent video update, the analyst notes that the trading volumes of THORChain (RUNE) look very healthy, but he expects the price to drop more before it presents a good entry.
“Insane volume coming in. The most volume since October, and really more so since August, when it went on that run from like $3 to $12.
It flipped the 200-day EMA (exponential moving average) and also flipped this SR [support/resistance] level around $6.50 which acted as support for a long time. And it actually broke it on the first go, which is impressive. I think that $8.50 or so should be the next resistance level.
I wouldn’t consider longing at this level. I think it’s better to wait for a pullback. An area that you might want to look for is the high-sixes… RUNE is one where I would consider buying the dip.”
At the time of writing RUNE trades at $8.04, down 1.6% on the daily time frame.
Terra (LUNA)
Looking into Terra (LUNA), Altcoin Sherpa has positive outlook for both short and long term.
“LUNA is one of the few coins that look really bullish on the lower time frame relative to the rest of the market.
It is at an interesting area of resistance though. It hit a potential double top right around this $100 area, it’s kind of a psychological area.”
At the time of writing, LUNA is trading at $85.56, down 2.7% in the daily chart.
Kyber Network Crystal (KNC)
Next up on the analyst’s list is Kyber Network Crystal (KNC), which he notes has held up well, despite most of the market being in consolidation.
“This has been on my radar for a long time. It was going up really strongly when the rest of the market was just dumping. That’s always a sign that something’s really strong…
It is entering a very dangerous area, around $3.50 to $4.
This is a large supply zone which already got tapped back in early 2021.”
At time of writing, KNC trades at $3.21, up 7.8% on the daily time frame.
The Graph (GRT)
Altcoin Sherpa moves on to The Graph (GRT), pointing out that GRT sales volume hasn’t been this high since October 2021. He says that $0.28 is a crucial support to defend.
“This is a key level, this area of support. It was the last area in early 2021 before it has this big run.
This is [also] where it formed its base all throughout December and January. It reached that area once again with some strong buying coming in.
In the short term, this is a decent [place] to buy the dip.”
At the time of writing, GRT trades $0.399, down 2.3% on the daily chart.
Algorand (ALGO)
The fifth and last altcoin on the analyst’s list is Algorand (ALGO), which is currently in a decent entry level after it has been dropping in price during the last few months.
“I think this is an interesting area to knife-catch because the risk is pretty set. Any high time frame closes below these lows [around] $0.65, you can probably just cut it.
It looks interesting to me because volatility has really died off. I would imagine a lot of the selling is mostly done, at least in the short term.
I wouldn’t target anything huge, but I think that a 10% move is certainly possible off these lows.”
At the time of writing, ALGO is trading at $0.727, moving sideways on the daily chart.
