The decline in the cryptocurrency market appeared to be coming to an end earlier this week, but now the bearish momentum has picked up again. The withdrawal has been going on for more than a month, with Bitcoin traded below $ 50,000 and Etheruem fell below $ 4,000. However, two seem to be different Cryptocurrencies not too bothered by the declining momentum in the crypto market. These cryptocurrencies are Terra Luna and Avalanche. They resumed the uptrend this week so let’s see where they are going now.
Avalanche Daily Chart Analysis – AVAX Bounce-Off Support
Avalanche has been showing incredible upward pressure since August and has gained nearly 1,500% in that time. Even in bearish periods like September and last month, AVAX / USD has kept rate going without bothering about the rest of the market. The price rose to $ 146 in early November and after falling last week, Avalanche resumed its bullish trend this week after finding support at the 100 SMA (green) on the daily chart and September at $ 75 in a support was converted.
Basics look great for Avalanche as this Blockchain Speed, low cost and fast transaction times make them a respectable one Ethereum Competitor. Avalanche hopes to improve the market share of decentralized finance (DeFi) to gain the upper hand as it has announced it will add USD Coin (USDC) to its network. The developers’ interest in the Avalanche ecosystem is also increasing; the number of projects increases, so this network grows. AVAX is now trading above $ 110, which means buyers are in charge and will soon be heading for all-time highs, reaching $ 1,560 before the end of 2021.
Terra Daily Chart Analysis – Luna Bounce Off Support
Luna coin has turned bullish this week
LUNA coin was trading around $ 4 in May after the crypto crash, but it’s been really bullish since August, reaching $ 78 in early November. LUNA / USD has hit both higher lows and higher highs, meaning the pressure remains on the upside. The fact that Terra keeps its coin LUNA to maintain the price stability of stablecoins like UST coin is in demand.
Terra’s community passed the proposal to burn LNA coins worth around $ 4 billion to $ 5 billion, depending on the price, which should deflate this cryptocurrency and drive the price up. Total Value Locked (TVL) in DeFi has hit $ 14 billion, while another large Terra LUNA fund worth $ 50 million was raised by venture capital firm Chiron. So everything is looking good for Terra LUNA too, and we expect it to reach new highs before 2022 as well.
Source: Crypto News Deutsch