Technical Analysis: LUNA Hits New High, as Biden Signs Crypto Executive Order

LUNA hit a brand new all-time excessive, as markets reacted to information that U.S. president Joe Biden had signed an government order on cryptocurrencies. Biden desires his authorities to look at the “dangers and advantages” of crypto, information of which despatched the likes of NEAR and ANC virtually 20% larger.

Terra (LUNA)

Following a bear run that lasted virtually seven days, terra (LUNA) rallied on Wednesday to reclaim its place because the world’s sixth-largest cryptocurrency.

As of penning this, LUNA/USD is up by over 25% on the day, breaking previous its resistance of $86.24 within the course of.

Wednesday’s breakout pushed costs to an intraday excessive of $104.58, which is an all-time excessive for LUNA.

This surge created a bullish engulfing sample, which overcame all of the motion of the previous eight days, the place costs to as little as $75.

Looking on the chart, right this moment’s transfer has taken the 14-day RSI to a ceiling of 69, ought to it break, then the current excessive of 74 will possible be the following goal space.

Should we see worth power rise to this stage, then some could anticipate LUNA to hit as excessive as $110.

WAVES

Although anchor protocol (ANC) and NEAR had been each hovering round 20% on the day, it was WAVES which was Wednesday’s second-biggest gainer.

WAVES rose to an intraday excessive of $27.55 throughout right this moment’s session, which is its highest stage since October 29.

Following a low of $21.51 yesterday, Wednesday’s transfer noticed WAVES/USD climb above the $23 resistance level, which has been in place since December 2.

Despite this, the 14-day RSI is monitoring at a peak of 84, which is the best it has sat at within the final eight months, which might be engaging to those that consider that is overbought.

Will right this moment’s government order be factor for crypto markets long-term? Let us know your ideas within the feedback.