A closely followed crypto strategist who accurately predicted Bitcoin (BTC) decline during the 2018 bear market, decentralized finance payments network terra (LUNA) predicts a deep correction for
The crypto analyst, using the alias Smart Contracter, told his 207,000 Twitter followers that Terra (LUNA) has completed its five-wave rally and is now heading towards a full downtrend.
“To me, LUNA has finally reached a long-term peak. […] I think LUNA will drop at least 50% or more.”
Smart Contracter made use of Elliott Wave theory in its analysis. The theory in question is a technical analysis that predicts future price action by following the crowd psychology that emerges in waves. According to the theory, an asset goes through a five-wave cycle before reversing a major trend.
Looking at the analyst’s chart, LUNA seems to be heading from its current price of $83.05 to $25, which represents about 70% downside potential. The crypto strategist also studied Bitcoin, which he says is in the middle of a five-wave correction in the lower timeframe.
“BTC is currently four hours [grafik] It is in an impulsive five-wave bearish process above, so I expect a nice relief bounce up to $45,000 in the coming days, then further downside. $37-38k is the new key support.”
You can check the price movements here.
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.