Monday saw terra rise for the eighth time in nine days as its value increased nearly 60% since last week. Anchor (ANC) on the other side was slightly lower, having risen by close to 50% during the same time.
Biggest Gainer
Despite increased volatility, Terra (LUNA), has emerged as one of the top performers on cryptocurrency markets these past weeks.
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.
LUNA reached an intraday peak of $84.84 as of this writing, just 24 hours after closing at $70.57.
This move is despite two obstacles that could prevent any future short-term gains. The current resistance level and price strength are currently too high.
In the event that these issues are resolved, traders might be aiming at $100 for LUNA this week.
Biggest Loser
While crypto markets rose by over 3% to begin the week, anchor was lower Monday.
ANC/USD dropped to $3.47 as of Monday’s writing. This was after a second day of bearish pressure.
This was the first time that ANC reached its resistance level of $3.75. It has been in effect since December 28.
Bears realized that prices could not break through this ceiling and took advantage of the situation to drive them lower.
The 14-day RSI currently tracks above 73. This indicates that the price strength has overbought. It was a good sign for shorting.
In a sense, today’s pullback may provide caution to LUNA pulls, who find themselves in a similar situation.
Does the pullback in ANC mean that it is temporary? We’d love to hear your comments.
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