Over the previous 24 hours, the global crypto market has stayed optimistic, but there are signs that this may alter in the next hours. The shift is forecast by the bearishness that has taken hold in some of the most popular currencies, such as Ethereum, Binance Coin, and other altcoins. Their predicament will determine whether the market can hold on to its gains or lose them as a result of sell-offs.
Five famous cryptocurrency crypto assets are being scrutinized by a leading analyst for possible entry points into the market.
Altcoin Sherpa, a pseudonymous crypto analyst, says he loves the trade activity around THORChain (RUNE) in a new video, but that he will wait for a price reduction before establishing a new position.
He notes that the volume is insane. This is the highest volume since October, and even more so since August, when it was on a run from $3 to $12. It flipped the 200-day EMA [exponential moving average] as well as this SR [support/resistance] level around $6.50, which had previously served as support. It also managed to break it on the first try, which is astounding. The next resistance level, in my opinion, should be around $8.50.
However, he notes that at this point, he wouldn’t consider longing. It is preferable to wait for a pullback. The high-sixes are a place to keep an eye out for… RUNE is a place where I’d consider investing on the drop.
Moving on to Terra (LUNA), a public blockchain platform that underpins a suite of decentralised stablecoins, the analyst believes the altcoin has a bright future both now and in the future.
He says, In comparison to the rest of the market, LUNA is one of the few currencies that seems particularly positive in the lower time frame. It is, however, in an intriguing area of resistance. It may have hit a potential double peak around $100, which is a psychological level.
Kyber Network Crystal (KNC)
The multi-chain liquidity center Kyber Network Crystal is next on Sherpa’s radar. KNC, according to the dealer, held its own while the rest of the market consolidated.
He notes that when the rest of the market was dumping, it was going up extremely fast. That’s always a sign of something incredibly powerful. It’s about to enter a highly dangerous territory, with a price range of $3.50 to $4. This is a huge supply zone that was already depleted in early 2021.
The Graph (GRT)
The chart guru next looks at The Graph (GRT), a decentralized blockchain indexer, noting that its sales volume hasn’t been this high since last October and identifying $0.28 as a key line to hold for GRT.
The analyst says this is a crucial area of support. In early 2021, it was the final area before the great run. This is also where it stayed for the entire month of December and January. With some significant buying coming in, it touched that area once more. This is a good to buy the dip in the short term.
Algorand is the last pseudonymous dealer on the list (ALGO). After witnessing ALGO’s price plummet over the last few months, he believes the present value around $0.69 is a good entry point.
He says it is a fun region to knife-catch because the risk is fairly predictable. One can definitely simply cut it if any high time frame closes below these lows [around] $0.65. It appears to be fascinating to me because volatility has significantly decreased. I’m guessing that most of the selling has been completed, at least in the short term.He believes a 10% increase from these lows is probably feasible.
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