Analyst Says He ‘Could Easily See’ One Top-50 Altcoin That’s Exploded 230% in Two Months Hit New Record High

A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a blue-chip altcoin that has more than tripled in value in two months.

The analyst pseudonymously known as Kaleo tells his 611,900 followers on the X social media platform that if THORchain (RUNE) rises above the descending trendline on the daily chart that is currently acting as a high time-frame resistance level, he could “easily see” the decentralized cross-chain liquidity protocol “making a run to new all-time highs”.

“Bought the dip & started a position on RUNE.

If there’s anything I’ve learned over the past several months – it’s don’t fade momentum.

If this manages to break above HTF (high timeframe) resistance, I could easily see it making a run to new ATHs (all-time highs).”

Image
Source: Kaleo/X

THORchain, which is currently the 50th-largest crypto asset by market cap, is trading at $5.40 at time of writing, up by around 231% from the low of $1.63 recorded on October 21st. The decentralized cross-chain liquidity protocol’s record high of $21.28 was reached in May of 2021.

According to Kaleo, the THORchain/Bitcoin (RUNE/BTC) pair overcame a high time-frame resistance level on the daily chart last month and this coincided with the start of the current rally.

“RUNE already broke above HTF resistance on the BTC pair at the beginning of November when it really started to run.

Don’t want to miss the opportunity of an INJ type of run with a name I’ve been familiar with for ages, but mostly watching from the sidelines as it prints.”

Image
Source: Kaleo/X

RUNE/BTC is trading at 0.00012299 BTC ($5.40) at time of writing.

Next up is Bitcoin. From an attached chart, Kaleo appears to suggest that the flagship crypto asset is currently mirroring the price action it recorded in 2020 and 2021 on the four-hour chart. Additionally, it appears from the attached chart that the widely followed pseudonymous trader expects Bitcoin to reach a price of over $48,000 early next year.

“Bitcoin / BTC

Something like this from here”

Image
Source: Kaleo/X
Image
Source: Kaleo/X

On what the next year portends for crypto assets, the pseudonymous analyst says,

“Solana approaching $100.

Avalanche approaching $50.

Bitcoin approaching $50,000.

Altcoins starting to move again across the board.

Memecoins printing.

NFTs (non-fungible tokens) waking up.

And it’s still four months until the [Bitcoin] halving.

Holy shit 2024 is going to be insane.”

Comments

Post a Comment

Popular posts from this blog

DeFi CEO Says ‘No One Cares’ to Deutsche Bank Entry into BTC Custody

Deutsche Bank to offer bitcoin custody solution for institutional clients. Cake Group CEO believes the move will not substantially increase capital inflow or attract new participants. Deutsche Bank’s Paul Maley projects the digital asset sector to grow to trillions of dollars. Julian Hosp, the CEO of DeFi business Cake Group, has shared a skeptical reaction to Deutsche Bank’s newly-launched bitcoin custody services for institutional clients. Responding to a post on X (Twitter) by Bitcoin Magazine announcing the bank’s new services, Hosp wrote “Sadly, no one cares”. In full, his response read, And guess what… sadly no one cares… because everyone in Germany can already buy #bitcoin either with an ETF (that has literally ZERO volume) or on an exchange. All these banks entering the space, are not bringing in extra money or people. They are just re-routing existing… https://t.co/MMZHSbGB9U — Dr. Julian Hosp (@julianhosp) September 15, 2023 T...
Read more

MATIC Price Plunges, Have the Bulls Finally Lost Control?

Image
MATIC witnessed a decline in bullish momentum and has lost hold of the $0.74 psychological support. Buying pressure was weak as the CMF hovered around the zero line. Traders might likely short/sell MATIC in the near term since the 50 EMA crossed over the 20 EMA. Polygon (MATIC) brief dip below $0.78 has turned out to be an event that has lasted a whopping five days. Over the last 24 hours, the altcoin had lost 2.32% of its value. But its last 30 days’ performance was controlled by the bulls where MATIC increased by 6.61%. Currently, the MATIC/USD 4-Hour chart shows that the altcoin was hovering around a tight support zone at $0.71. Due to decreased demand, MATIC’s buying strength has been cut off. This indicates bearish dominance around $0.72. For MATIC to regain bullish momentum, the price must rise above the $0.74 psychological level. But if selling pressure outweighs demand, then the recovery attempt could be quenched. Furthermore, bears have ...
Read more

Crypto Analyst: PEPE Will Outperform DOGE in Next Bull Cycle

Image
Miles Deutscher predicts PEPE will outperform DOGE in the next bull cycle. Deutscher noted that fewer PEPE holders are underwater compared to DOGE holders. PEPE has more multiples to reach its previous all-time high (ATH) compared to DOGE. PEPE will outperform DOGE in the next bull cycle, predicts Miles Deutscher, a renowned cryptocurrency analyst. In a Twitter post, Deutscher highlighted the reasons behind his prediction. I think $PEPE outperforms $DOGE next cycle. Why? • The Underwater Thesis: Less PEPE holders underwater vs DOGE, meaning less sell pressure on the way up + lower multiples to reach previous ATH (2.8x vs 12x). • People are more fatigued with the DOGE meme, Pepe feels fresher… — Miles Deutscher (@milesdeutscher) June 23, 2023 Deutscher’s first reason for supporting PEPE to outperform DOGE in the next cycle is what he called “The Underwater Thesis.” He noted fewer PEPE holders are “underwater” compared to DOGE holders. By that, he me...
Read more