Technical Analysis: LUNA Leads Crypto Rally, ANC Slips Under Bearish Pressure

February 28, 2022

On Monday, terra (LUNA) rose for its eighth session in 9 days, as its worth elevated by near 60% over the past week. Anchor (ANC), alternatively, was decrease after climbing by nearly 50% in the identical interval.

Biggest Gainer

Terra (LUNA) has been one of many standout performers in cryptocurrency markets in latest weeks, regardless of elevated market volatility.

Monday’s rally in LUNA/USD noticed costs climb to their highest stage in over six weeks, hitting the long-term resistance level of $84.70 within the course of.

This surge comes because the 14-day RSI additionally hit a hurdle, climbing to its resistance stage of 71, which hasn’t been damaged since late December.

As of penning this, LUNA rose to an intraday excessive of $84.84, which is lower than 24-hours after buying and selling at a low of $70.57.

Despite this transfer, two components now probably stand in the best way of any additional short-term positive factors, with worth power at present overbought, and the present resistance stage.

Should these each be overcome, merchants could also be concentrating on $100 for LUNA as early as this week

Biggest Loser

Although cryptocurrency markets had been over 3% greater to begin the week, anchor (ANC) was one of many tokens to fall decrease on Monday.

As of writing, ANC/USD fell to a low of $3.47 on Monday, following a second consecutive day of bearish stress.

This stress commenced as soon as ANC rose to its resistance level of $3.75, which has been in place since December 28.

Since failing to interrupt out of this ceiling, bears noticed this as an indication of weak spot, and piled in to push costs decrease.

In addition to this, the 14-day RSI is at present monitoring above 73, which signifies that worth power is overbought, which was a welcome signal for these shorting.

In a way, at the moment’s pullback might present warning to LUNA pulls, who discover themselves in an identical scenario.

Is the pullback in ANC solely non permanent? Let us know your ideas within the feedback.