Ethereum rival altcoin, according to a closely followed crypto analyst and trader Terra (Luna) A sharp correction may be on the way.
Speaking at a new strategy session, analyst nicknamed Cred; He thinks LUNA may have shown a massive bull trap after hitting around $120.
“I really don’t like this structure at all. I’m just trying to draw a structure from the high, the December high and the weekly high candlestick right after. A new high and a drop to come in the coming weeks have been detected…
This high range represents a failed breakout. Normally the target for this would have been a lower range. It “slips” its BIAS only if it regains for high ranges or reaches a low price.
creditAccording to Terra (LUNA), it may show some support at the $60 level, but he also underlined that the bottom of this range is close to $40. This level represents a decrease of about 50% from the current price of $80.7.
The crypto analyst is also closely following Ethereum, which he predicts may rally in the coming days. However, the analyst also underlined that this rally may take a very short time.
The last altcoin on the analyst’s list is Avalanche (AVAX) it happened. According to the analyst, although AVAX recorded a failed break above $86, he still thinks it is in good shape if the market structure follows the structure.
According to the analyst, if the same structure is followed, the $115 level or at least the $100 level could be within reach. Of course, since the movement towards these levels will not occur stably, false decreases and rises may be seen from time to time.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.