Technical Analysis: LUNA Leads Crypto Rally, ANC Slips Under Bearish Pressure
On Monday, terra (LUNA) rose for its 8th session in nine days, as its value increased by close to 60% over the last week. Anchor (ANC), on the other hand, was lower after climbing by almost 50% in the same period.
Terra (LUNA) has been one of the standout performers in cryptocurrency markets in recent weeks, despite increased market volatility.
Monday’s rally in LUNA/USD saw prices climb to their highest level in over six weeks, hitting the long-term resistance point of $84.70 in the process.
This surge comes as the 14-day RSI also hit a hurdle, climbing to its resistance level of 71, which hasn’t been broken since late December.
As of writing this, LUNA rose to an intraday high of $84.84, which is less than 24-hours after trading at a low of $70.57.
Despite this move, two factors now potentially stand in the way of any further short-term gains, with price strength currently overbought, and the current resistance level.
Should these both be overcome, traders may be targeting $100 for LUNA as early as this week
Although cryptocurrency markets were over 3% higher to start the week, anchor (ANC) was one of the tokens to fall lower on Monday.
As of writing, ANC/USD fell to a low of $3.47 on Monday, following a second consecutive day of bearish pressure.
This pressure commenced once ANC rose to its resistance point of $3.75, which has been in place since December 28.
Since failing to break out of this ceiling, bears saw this as a sign of weakness, and piled in to push prices lower.
In addition to this, the 14-day RSI is currently tracking above 73, which means that price strength is overbought, which was a welcome sign for those shorting.
In a sense, today’s pullback may provide caution to LUNA pulls, who find themselves in a similar situation.
Is the pullback in ANC only temporary? Let us know your thoughts in the comments.
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