A crypto analyst has made a bullish prediction for the altcoin project, which is still on the agenda with its collapse in the past months. The altcoin in the analyst’s focus was Terra (LUNA), which has been trying to recover since the May crash. Here are the details and the analyst’s expectations…
Analyst reveals key levels for popular altcoin
According to analyst Tony M., Tera’s price may surprise investors in the coming days. Since August, it was pointing to a 10x probability of LUNA based on on-chain and technical analysis. cryptocoin.com As we reported, in the second week of September, LUNA rally 3x in 24 hours. According to the analyst, this jump was a positive confirmation of the flamboyant 10x hypothesis.
According to the analyst, the LUNA price is currently up for auction at $2.50. Because the bulls are having a hard time holding support at the 8-day moving average. Since the 3x bull run, the bears have taken over the market. Within two weeks, it achieved a 65 percent drop. The analyst also points to subdivisions of the number of waves of the downtrend. “It is possible to fit three impulsive 5-wave patterns at this point,” he says.
For some, this is a problematic signal and a breakout indicator for those left behind. Additionally, the volume profile indicator remains skewed due to the May crash. Therefore, it is even more difficult to accurately determine the strength of the bulls amid the recent 300 percent increase.
What are the alternative levels?
So LUNA’s on-chain measurements show significant bullish movements. However, according to the analyst, it may be useful to have an alternative thesis to understand when markets change. Based on recent price action, this forecast considers an additional 35 percent drop as a possible outcome for Terra price. Such a move puts LUNA’s price in a range between $1.65 and $4.00 during Q4. According to the analyst, this would contribute to a much wider symmetrical triangle thesis.
The invalidation of the bearish thesis targeting $1.65 marks the bounce. This would mark a break above the recent rise at $7.77. If the bulls can break this level, the 10x rally will likely continue. A target of $28 could result in an increase of more than 1,000 percent from the current LUNA price. Currently, the value of LUNA stands at $2.47, down 3%. The cryptocurrency has lost 1.3 percent in the last seven days and 17.4 percent in the last 14 days.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.