A widely followed crypto strategist says that Ethereum (ETH) competitor Terra (LUNA) is poised to hit new all-time highs despite general sideways action across the crypto markets.
Pseudonymous trader Kaleo tells his 473,900 Twitter followers that decentralized finance (DeFi) payment network Terra (LUNA) could soar by at least 70% if it manages to surpass its previous record high of $104.
“LUNA is an outlier in an otherwise dull crypto market.
If LUNA can reclaim the highs from here, I expect price discovery to extend to high timeframe resistance in the $150 – $170 range.”
At time of writing, Terra is exchanging hands for $87.48, down over 7% in the last 24 hours.
Looking at LUNA against Bitcoin (LUNA/BTC), Kaleo says he sees the pair rallying to his short-term target at 0.0038 BTC ($149) before making a corrective move.
“LUNA / BTC pair is already in price discovery. After 2+ months of accumulation to get there, I’d be shocked if a 25% pump is all we see.”
Kaleo is not the only crypto strategist who has expressed a bullish outlook on the Ethereum-rival recently. Fellow trader Altcoin Sherpa believes the seventh-largest crypto asset by market cap is in an uptrend as it repeatedly establishes higher highs and higher lows.
“Lots of crazy bets/etc. going on for this one on its fundamentals. [LUNA is] still one of the most bullish coins out there and still in a high timeframe bullish market structure, in my opinion. I’d rather short other stuff than this one personally.”
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Source: https://dailyhodl.com/2022/03/16/analyst-says-one-ethereum-rival-may-soon-witness-meteoric-rally-far-outperforming-bitcoin-and-crypto-markets/