After an upsetting month of downward and sideways trade, the crypto market is in glee today. Bitcoin is poised to hit $50K, ETH has crossed $4K. In tandem with the king coin, alts too have buckled up to recover gains.
Among the big gainers today is LUNA, rising by 12.4% in the last 24 hours. The recent drop in LUNA has been absorbed, and the stock has reached a new high of $85. The coin does not appear to be headed for a correction at the moment, as seen by the significant buying trading volume.
The critical mark around $100, which can be reached within the next several days, is a likely place where bears can seize the short-term initiative.
Adding to the cap of feathers, Terra LUNA has flipped Binance Smart Chain as the second largest blockchain for Defi in terms of TVL.
Analysts bullish on LUNA
Popular analyst Micheal Van De Poppe does his chart analysis to predict the upcoming price action for the token. In a new YouTube strategy session, the analyst says he is impressed by Terra LUNA’s strength among its competitors.
He says the coin is most likely at the same point as the previous run in February 2021. Such a consolidation period should be quite similar to the price action it is about to experience now, or what we’re seeing right now, in which the price has been steadily pushing upwards.
LUNA fluctuated between $5 and $8 during the February 2021 consolidation before soaring to $22 in March.
Predictions for 2022
Moving on to LUNA’s 2022 price predictions, Van de Poppe lists two critical levels that he believes the altcoin can reach.
He explains that If the coin is towards the end of a corrective period, we may want to consider a Fibonacci extension, which we may derive from the previous low and high, and use to begin targeting two levels.
“….$125 and we can target $200, as the next impulse waves based on the Fibonacci extension as long as the trend stays upwards.
If that is the case, we could be seeing this run.”
Another trader and analyst, pseudonym known as Phoenix on Twitter has revoked his bearish stance. He now predicts for the coin to make a run up to 3 digits.