Trader Predicts Legs Up for THORChain and One Ethereum-Based Altcoin, Updates Outlook on Polygon

By The Daily Hodl November 02, 2023 In Cryptocurrencies, Polygon, THORChain
Source: Altcoin Sherpa/X

A widely followed crypto analyst is taking a look at Polygon (MATIC) while predicting upward moves from two altcoins.

Pseudonymous crypto trader Altcoin Sherpa tells his 197,400 followers on the social media platform X that THORChain (RUNE) is ready to move up.

“RUNE: Next area up is $3.”

Source: Altcoin Sherpa/X

THORChain is a decentralized liquidity protocol designed to facilitate the exchange of assets across different blockchain networks without the need for centralized intermediaries, such as traditional crypto exchanges. RUNE is worth $2.86 at time of writing, up 35% in the last week.

Turning to privacy-focused crypto Blur (BLUR), the analyst thinks BLUR could reach $0.30 despite being down 10% in the last 24 hours.

“BLUR: I think this keeps going until $0.30.

Still probably undervalued relative to OpenSea but don’t know if NFTs (non-fungible tokens) are really a great narrative right now.”

Source: Altcoin Sherpa/X

BLUR is worth $0.235 at time of writing, down big in the last day but still up 43% in the last month.

Finally, Altcoin Sherpa lays out his outlook on the Ethereum (ETH) layer-2 scaling solution Polygon. According to the trader, now may not be the best time to trade MATIC.

“Looks ok but the 200W EMA (200-week exponential moving average) is right at this current price and it’s kind of in no man’s land. I don’t see this as a great buy relative to other coins at this time.”

Source: Altcoin Sherpa/X

MATIC is trading for $0.629 at time of writing, down 1.7% in the last 24 hours.

Featured Image: Shutterstock/MiinMT/WindAwake

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