Crypto Analyst Altcoin Sherpa Updates RUNE, DOT, LUNA And BTC
According to a prominent crypto market analyst, known as Altcoin Sherpa, THORChain (RUNE) is flashing bullish signals. He also draws key levels for Polkadot (DOT) and Terra (LUNA).
THORChain (RUNE)
The analyst shared with his 170K followers on Twitter that decentralized liquidity protocol THORChain (RUNE) looks ready to move a leg up, assuming Bitcoin (BTC) doesn’t crash.
“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.”
$RUNE: There are a few alts that are looking good and #RUNE is one of them. Good volume coming in, I'm guessing that 200D EMA provides some resistance and then we continue up if btc stabilizes. pic.twitter.com/V4HCTbI0p8
THORChain is built using the Cosmos SDK and is powered by the Tendermint consensus mechanism. This keeps the network safe from attacks through a novel BFT proof-of-stake (PoS) system that sees a large number of validators work together to propose and finalize blocks of transactions.
At the time of writing RUNE trades at $6.35, down 3.12% on the daily time frame.
Polkadot (DOT)
Altcoin Sherpa next looks into interoperable blockchain Polkadot (DOT) and draws key support levels. If DOT is unable to defend support at $16, next stop is at $11, the analyst projects.
“DOT: Is at the PoC (point of control). If it loses this level, it’s ‘lights out’ and going to $11 in my opinion.”
Regarding Terra’s native token LUNA, Altcoin Sherpa says that for traders looking for entry, it might be waiting for a correction before taking long positions.
“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.”
Altcoin Sherpa also looked into Bitcoin (BTC), which has been moving sideways for about a week now. The analyst says that Bitcoin needs either to break out above $46,000 to confirm bullish continuation or fall under $34,000 to flip bearish.
“BTC quick update: I’m still waiting for a break of 46k or 34k, nothing in between.”
