Terra (LUNA), Avalanche Crypto (AVAX) Reversing Higher Already at Support as Predicted
Terra LUNA and Avalanche have been two of the most bullish cryptocurrencies during the last few months. They have been making gains even during the bearish periods in the crypto market, and they continue to show buying pressure. They were retreating earlier this week, but we predicted that they would reverse at moving averages, and they are doing so today, so this looks like a good opportunity to buy LUNA and AVAX.
Terra Daily Chart Analysis – LUNA Reversing Above the Support
Terra LUNA has been showing really strong buying pressure since August, when it started on a bullish trend at around $5, and made its way up to $106 on Monday this week. Buyers keep making new highs, despite the retreat in the crypto market, so the sentiment remains quite bullish for this digital currency, and pullbacks should be seen as good opportunities to buy LUNA coins.
The latest pullback, for LUNA/USD, which took place this week, seems to have ended already. The price formed two doji candlesticks above this month’s high, which comes at around $80, where the 20 daily SMA (gray) also stands, and today, the price is moving higher, so this seems like a bullish reversing chart pattern. The DeFi space in Terra’s ecosystem is growing, with $21 billion in total value locked (TVL) so far. Besides that, Terra’s stablecoin, UST, has become the largest decentralized stablecoin, with a market cap of $10 billion. The pressure will remain to the upside for this crypto, so this is an opportunity that shouldn’t be missed.
Avalanche Daily Chart Analysis – AVAX Reversing at the 50 SMA
The stochastic indicates that Avalanche is oversold on the daily chart.
Avalanche has also seen great demand in the last few months. Avalanche has announced that they will add the USD Coin (USDC) to their network, which should give it some advantages in the decentralized finance (DeFi) space. Mastercard has chosen five new companies to be a part of its “Start Path Crypto” program, and Avalanche is one of them. This should bring Avalanche closer to the mainstream finances, which should add support to the AVAX token.
After the major surge in AVAX/USSD, we saw a deep pullback in November, which ended at September’s high at around $80. We anticipated that the second pullback this week would end at the 50 SMA (yellow) at around $100, and that’s what’s happening now. Yesterday, the price formed a small doji, which is a bullish reversing signal after the decline, and today, we are seeing a reversal higher. So, this might be a good time to buy Avalanche too.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals