A crypto trader is updating its view on one altcoin that is booming this month as the broader digital asset market falls.
Pseudonymous Trader Altcoin Sherpa tells are 196,300 X followers that the decentralized cross-chain liquidity protocol THORChain (RUNE) has more room to run after a bounce off of a major Fibonacci retracement level.
“RUNE: Fibonacci Adjusted Upside; it bounced off the .382 [$1.38], but for now, just watch this one. Would like to grab a submission.
Looking at his chart, the trader suggests that RUNE could continue its run towards the $1.71 level.
RUNE opened at $0.95 in August and is trading at $1.54 at the time of writing, up more than 60%.
The trader is also keeping a close eye on the Telegram trading bot crypto project, Unibot (UNIBOT). He say the altcoin’s uptrend remains solid, but suggests that it may start falling as investors look for similar, but newer, projects.
“UNIBOT: great project/lots of cool features. This plus casinos are the main stories right now and projects that are actually bringing revenue to the users are the ones to watch. Trend is still strong on this one, but personally would be a little cautious. People are likely to monkey into other trading bot projects for being ‘in the past’.”
Looking at his chart, the trader identifies $162 as an important downside support level.
At the time of writing, Unibot is trading at $185, down 9.1% in the past 24 hours.
The trader too believes that during the continued low market activity, the best trades are likely to be those assets that are not on centralized exchanges (CEX).
“I’m going to list some low caps and dex (decentralized exchange) tokens…some of these are very popular. Personally, I think all current opportunities are on-chain and not on a CEX. The volatility and trading volume are both extremely low. Don’t let yourself be cut into the shit.”
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Featured image: Shutterstock/Philipp Tur/Natalia Siiatovskaia