The crypto market has retraced significantly even after today President Biden’s executive order. Bitcoin, like the rest of the crypto market, is under pressure, falling more than 5% and falling below $40,000 levels. ETH too is down 3,7% trading around $2600. The rest of the crypto market follows the trend, as tokens lose gains just as fast as they gained.
LUNA Price Analysis
Terra (LUNA) has been one of the best performing cryptos of 2022. Whilst many of the major coins have traded sideways, the algorithmic stable coin blockchain platform has continued to exceed price targets again and again.
After touching new yearly highs of $104.85, LUNA’s stock is under some upside pressure. In the last three sessions, LUNA has increased by more than 30%.
The price of LUNA is attempting to break above the $106.29 record high set on December 27 but has since returned lower after hitting $104.85 on Wednesday. With a little bearish perspective, the price is currently moving in a fairly tight range between $93.0 and $99.0.
Everyone seems to be bullish on LUNA, but the altcoin is in a pullback of bearish trend shift, won’t go bullish for the long term until 103.60 (Previous high) is broken with candle close. It took out 103.60 with wick but couldn’t close above it.
Terra (LUNA) to Outperform Crypto Market
A well-known crypto analyst is advising traders to think twice about trying to short sell LUNA, Ethereum’s hot challenger. Altcoin Sherpa, a pseudonymous expert, tells his Twitter followers, Every time Bitcoin sees a price surge he expects Terra (LUNA) to outperform Bitcoin.
He also mentions that personally, he wouldn’t go long here because it’s near an all-time high, and a scalp short would probably be ideal. However, he also believes that there are plenty of other altcoins that are better to short.