Anonymous crypto analyst Altcoin Sherpa, one of the beloved members of the altcoin market, made a forecast that the rise in THORChain (RUNE), a decentralized cross-chain liquidity protocol that rose over 6,500% during the 2021 bull run, will continue. According to the analyst, THORChain has the potential to continue its rise after bouncing from an important Fibonacci retracement level. The analyst also issued a warning for UNITBOT, a popular altcoin on his watchlist.
Analyst’s Watchlist: RUNE and UNIBOT
Well-known crypto analyst Altcoin Sherpa highlighted that the rise in RUNE, which bounced from the Fibonacci retracement level of 0.382 (1.38 dollars), will continue and stated, “It bounced from the Fibonacci retracement level of 0.382 (1.38 dollars), but for now, I’m just watching. I’m waiting to catch a buying point.”
When looking at the chart shared by the analyst, it can be seen that he expects the altcoin to continue its rise towards at least 1.71 dollars. As of the time of writing, RUNE is trading at 1.54 dollars, with a rise of over 60% since bouncing from 0.95 dollars at the beginning of the month.
The analyst also reported closely following the Telegram trading bot Unibot (UNIBOT). Altcoin Sherpa stated that the upward trend in UNIBOT is very strong and warned that the price of the altcoin could decrease as investors start to focus on similar but newer projects:
UNIBOT is a great project with many great features. These are altcoin projects that are currently the main narrative and projects that actually pay users real income among them should be monitored. The trend is still strong in this regard, but personally, I prefer to be a bit cautious. People will probably turn to other trading bot projects because they are likely to be new.
When analyzing the chart of UNIBOT, the analyst warns of a potential pullback and defines 162 dollars as an important support level. As of the time of writing, the altcoin is trading at 185 dollars, with a decrease of 9.1% in the last 24 hours.
“Focus on Altcoins Traded on DEX Rather Than CEX”
Altcoin Sherpa also touched on the low trading activity that hit the crypto market and emphasized that the best trades can probably be made with assets that are not found on centralized exchanges (CEXs) during this period.
When expressing his opinion on this matter, the analyst stated, “I will chart some low market cap altcoins and DEX (decentralized exchange) tokens. Some of them are quite popular. Personally, I think all the opportunities are on DEXs rather than CEXs. Volatility and trading volume are extremely low. Be selective.”
