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A broadly adopted cryptocurrency analyst and dealer is expressing bullish sentiment on a blue-chip altcoin that has greater than tripled in worth in two months.
The analyst pseudonymously often called Kaleo tells his 611,900 followers on the X social media platform that if THORchain (RUNE) rises above the descending trendline on the day by day chart that’s presently performing as a excessive timeframe resistance stage, he may “simply see” the decentralized cross-chain liquidity protocol “making a run to new all-time highs”.
“Purchased the dip & began a place on RUNE.
If there’s something I’ve discovered over the previous a number of months – it’s don’t fade momentum.
If this manages to interrupt above HTF (excessive timeframe) resistance, I may simply see it making a run to new ATHs (all-time highs).”
THORchain, which is presently the Fiftieth-largest crypto asset by market cap, is buying and selling at $5.40 at time of writing, up by round 231% from the low of $1.63 recorded on October twenty first. The decentralized cross-chain liquidity protocol’s file excessive of $21.28 was reached in Could of 2021.
In keeping with Kaleo, the THORchain/Bitcoin (RUNE/BTC) pair overcame a excessive timeframe resistance stage on the day by day chart final month and this coincided with the beginning of the present rally.
“RUNE already broke above HTF resistance on the BTC pair originally of November when it actually began to run.
Don’t wish to miss the chance of an INJ kind of run with a reputation I’ve been conversant in for ages, however largely watching from the sidelines because it prints.”
RUNE/BTC is buying and selling at 0.00012299 BTC ($5.40) at time of writing.
Subsequent up is Bitcoin. From an connected chart, Kaleo appears to counsel that the flagship crypto asset is presently mirroring the worth motion it recorded in 2020 and 2021 on the four-hour chart. Moreover, it seems from the connected chart that the broadly adopted pseudonymous dealer expects Bitcoin to achieve a value of over $48,000 early subsequent 12 months.
“Bitcoin / BTC
One thing like this from right here”
On what the following 12 months portends for crypto belongings, the pseudonymous analyst says,
“Solana approaching $100.
Avalanche approaching $50.
Bitcoin approaching $50,000.
Altcoins beginning to transfer once more throughout the board.
Memecoins printing.
NFTs (non-fungible tokens) waking up.
And it’s nonetheless 4 months till the [Bitcoin] halving.
Holy shit 2024 goes to be insane.”
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Generated Picture: DALLE3
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