A top analyst is looking at five popular altcoin crypto assets for potential entry points into the market.<\/p>\n
In a new video, pseudonymous crypto analyst Altcoin Sherpa says<\/a> he likes the trading volume around THORChain (RUNE) but plans to wait for a price drop before taking a new position.<\/p>\n \u201cInsane volume coming in. The most volume since October, and really more so since August, when it went on that run from like $3 to $12.<\/em><\/p>\n It flipped the 200-day EMA [exponential moving average] and also flipped this SR [support\/resistance] level around $6.50 which acted as support for a long time. And it actually broke it on the first go, which is impressive. I think that $8.50 or so should be the next resistance level.<\/em><\/p>\n I wouldn\u2019t consider longing at this level. I think it\u2019s better to wait for a pullback. An area that you might want to look for is the high-sixes\u2026 <\/em>RUNE is one where I would consider buying the dip.\u201d<\/em><\/p>\n THORChain<\/a> is currently up 5.2% and priced at $7.87.<\/p>\n Moving on to Terra (LUNA), a public blockchain protocol that underpins a suite of decentralized stablecoins, the analyst thinks the altcoin looks good both in the near and long term.<\/p>\n \u201cLUNA is one of the few coins that look really bullish on the lower time frame relative to the rest of the market.<\/em><\/p>\n It is at an interesting area of resistance though. It hit a potential double top right around this $100 area, it\u2019s kind of a psychological area.\u201d<\/em><\/p>\n Terra<\/a> is trading sideways at time of writing with a value of $88.94.<\/p>\n Next on Sherpa\u2019s watch list is the multi-chain liquidity hub Kyber Network Crystal (KNC). The trader observes that KNC held its own while most of the market consolidated.<\/p>\n \u201cThis has been on my radar for a long time. It was going up really strongly when the rest of the market was just dumping. That\u2019s always a sign that something\u2019s really strong\u2026<\/em><\/p>\n It is entering a very dangerous area, around $3.50 to $4.<\/em><\/p>\n This is a large supply zone which already got tapped back in early 2021.\u201d<\/em><\/p>\n At time of writing, Kyber Network Crystal<\/a> is down a percent to $3.05.<\/p>\n The chart guru next digs into decentralized blockchain indexer The Graph (GRT), noting that its sales volume hasn\u2019t been this high since last October while highlighting $0.28 as an important line to hold for GRT.<\/p>\n \u201cThis is a key level, this area of support. It was the last area in early 2021 before it has this big run.<\/em><\/p>\n This is [also] where it formed its base all throughout December and January. It reached that area once again with some strong buying coming in.<\/em><\/p>\n In the short term, this is a decent [place] to buy the dip.\u201d<\/em><\/p>\n The Graph<\/a> is up over 7% at time of writing and changing hands for $0.44.<\/p>\n Last on the pseudonymous trader\u2019s list is Algorand (ALGO). He thinks the current valuation around the $0.69 level might be a decent entry point after watching ALGO\u2019s price drop over the past couple of months.<\/p>\n \u201cI think this is an interesting area to knife-catch because the risk is pretty set. Any high time frame closes below these lows [around] $0.65, you can probably just cut it.<\/em><\/p>\n It looks interesting to me because volatility has really died off. I would imagine a lot of the selling is mostly done, at least in the short term.<\/em><\/p>\n I wouldn\u2019t target anything huge, but I think that a 10% move is certainly possible off these lows.\u201d<\/em><\/p>\n Algorand<\/a> finds itself up 2.66% and trading for $0.73.<\/p>\n![\"\"](\"https:\/\/i0.wp.com\/dailyhodl.com\/wp-content\/uploads\/2022\/03\/sherpa_grt.png?resize=1100%2C574&ssl=1\")