LUNA touched a new record-breaking high following the announcement that Joe Biden, U.S. president, signed an executive Order on cryptocurrencies. Biden wants his government to examine the “risks and benefits” of crypto, news of which sent the likes of NEAR and ANC almost 20% higher.
Terra (LUNA)
Following a bear run that lasted almost seven days, terra (LUNA) rallied on Wednesday to reclaim its position as the world’s sixth-largest cryptocurrency.
As I write this, LUNA/USD was up more than 25% today, surpassing $86.24 as resistance.
Wednesday’s breakout pushed prices to an intraday high of $104.58, which is an all-time high for LUNA.
This surge caused a bullish-engulfing pattern that overcame all of the activity in the eight previous days. Prices dropped as low to $75
Looking at the chart, today’s move has taken the 14-day RSI to a ceiling of 69, should it break, then the recent high of 74 will likely be the next target area.
If price strength increases to such an extent, then some could expect LUNA prices to reach $110.
WAVES
Although anchor protocol (ANC) and NEAR were both hovering around 20% on the day, it was WAVES which was Wednesday’s second-biggest gainer.
WAVES rose to an intraday high of $27.55 during today’s session, which is its highest level since October 29.
Following a low of $21.51 yesterday, Wednesday’s move saw WAVES/USD climb above the $23 resistance point, which has been in place since December 2.
Despite all this, the 14 day RSI has reached a peak at 84. This is the highest level it has sat at over the past eight months. It could appeal to people who think this market is too expensive.
Will today’s executive order be a good thing for crypto markets long-term? We’d love to hear your opinions in the comments.
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