The decline in the cryptocurrency market seemed like it was coming to an end earlier this week, but now the bearish momentum has picked up again.  The retreat has been continuing for more than a month, with Bitcoin trading below $50,000 and Etheruem falling below $4,000. Although, two cryptocurrencies don’t seem to be bothered too much by the bearish momentum in the crypto market. These cryptocurrencies are Terra Luna and Avalanche. They have resumed the bullish trend this week so let’s see where they are heading now.

Avalanche Daily Chart Analysis – AVAX Bouncing Off Support

Avalanche has been showing incredible bullish pressure since August, gaining nearly $1,500% during this time. Even during bearish periods such as in September and in the last month, AVAX/USD has been keeping it going, not minding the rest of the market. Earlier in November, the price surged to $146 and after a retreat last week, Avalanche has resumed the bullish trend again this week, after finding support at the 100 SMA (green) on the daily chart, as well as at September’s which around $75 which has turned into support.

Fundamentals look good for Avalanche, since this blockchain offers speed, low cost and fast transaction times make it a respectable Ethereum competitor. Avalanche hopes to get an upper hand in the decentralized finance (DeFi) market share, as it announced adding USD Coin (USDC) to its network. Developer interest also keeps increasing for the Avalanche ecosystem, with the number of projects growing this network. AVAX trades above $110 now, which means that buyers are in charge and soon it will be heading for the all-time highs and reach $1560 before 2021 ends.

Terra Daily Chart Analysis – Luna Bouncing Off Support

Luna coin has turned bullish this week

LUNA coin was trading around $4 in May after the crypto crash, but it has been really bullish since August and it reached $78 early in November, LUNA/USD has been making higher lows as well as higher highs, which means that the pressure continues to remain to the upside. The fact that Terra uses its coin LUNA to maintain the price stability of stablecoins such as UST coin keeps LUNA in demand.

Terra’s community passed the proposal to burn around $4-S5 billion worth of LNA coins, depending on the price, which should bring deflation to this cryptocurrency and push the price higher. The total value locked (TVL) in DeFi has reached $14 billion while another large Terra LUNA fund worth $50 million has been raised by the venture capital firm Chiron. So, everything looks great for Terra LUNA as well and we expect it to also make new highs before 2022.