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).”
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.”
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”
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.”
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