According to a prominent altcoin analyst, one of the strong Ethereum (ETH) competitors is on its way to set an all-time high after rising 25% in just 33 hours.
Altcoin analyst predicts rally for Ethereum rival LUNA
According to the host of financial channel InvestAnswers, who informed 433,000 YouTube viewers that LUNA price has solid support around $76 and has excellent entry positions in the volatile market. , Terra (LUNA) has great entry opportunities even though the market is quite volatile.
As Terra’s stablecoin, TerraUST (UST), grows in popularity, the server InvestAnswers predicts how much the value of LUNA will increase. TerraUST (UST) has become the third largest stablecoin by market cap. While sharing his new targets above $110, the analyst says the altcoin project is backed by UST:
LUNA exactly around $93-94 on the 50-day moving average and we should go to $110-120. Terra also has the third largest stablecoin [UST] by market cap.
‘bull’ metric stands out for Bitcoin
In the case of Bitcoin, the analyst predicts that the largest cryptocurrency by market cap will be bullish as a result of the price action link between BTC and the US dollar index (DXY). predicts:
Bitcoin price rose in response to a significant spike in DXY. In addition, the result is also correct. After the collapse of DXY, the collapse of Bitcoin, etc. We’ll be able to see it in June 2020. We saw a significant sell-off in the summer of 2021 and are now seeing a massive dollar index rally, the third of its kind in the past five years. It’s only happened three more times in the past. Each time, we went up right after, so yet another incredible bullish indicator we’ve seen recently.
Bitcoin on-chain metrics
Let’s take a look at the current on-chain data in the last part. The Santiment data below shows that Bitcoin’s social volume is suppressed as BTC consistently moves between the $38,000 and $42,000 range.
Looking at whale transactions over $100,000, whale accumulation has been declining slowly since late March 2022. As we have included in the cryptokoin.com analysis, the activity seems to be in a downtrend for now.
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