Lorenzo Stroe
Independent Analyst
- Terra Price has formed a new all-time high at $19.34 in the past 24 hours.
- The digital asset continues rising ahead of the release of Anchor's savings platform.
- LUNA faces short-term selling pressure after a massive upswing.
LUNA has done it once again, outperforming practically everyone in the cryptocurrency space with another 20% upswing to new all-time highs. It seems that investors are hyped for the upcoming release of Anchor Protocol, a savings platform offering low-volatile yields on top of Terra.
Terra price could see a healthy pullback before resuming uptrend
The Anchor savings protocol offers a high-yield on stablecoins and intends to become the reference interest rate in the cryptocurrency market. Some Anchor tokens will be airdropped to LUNA stakers, which is driving its price up.
LUNA/USD 12-hour chart
On the 12-hour chart, the TD Sequential indicator has just presented a sell signal. The next potential price target for the bears will be $15.34 at the 78.6% Fibonacci retracement level if the signal is validated.
%20[13.42.29,%2016%20Mar,%202021]-637514956365813133.png)
LUNA Social Volume
Furthermore, LUNA has experienced two significant spikes in social volume, which is also usually indicative of a potential upcoming correction like it happened on March 10 or February 9.
On the other hand, bulls can invalidate the sell signal by pushing LUNA above $19.34. The next psychological level is located at $20, but Terra price could extend as high as $24.39 at the 127.2% Fibonacci level.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?