Popular cryptocurrency analyst and trader Michaël van de Poppe is digging into the charts to find out what Terra (LUNA) has in store in crypto markets in terms of price at the beginning of the new year.
In a new strategy meeting, Van de Poppe tells his 156,000 YouTube subscribers that he is from the Ethereum the strength of the competitor among the other successful Layer 1 altcoins.
“LUNA is one of the strongest assets in the cryptocurrency markets right now. Not only LUNA, but also AVAX [Avalanche] has developed really well. MATIC [Polygon] has developed really well.
All of these Layer-1s and projects comparable to Layer-1 are doing great and showing strength while Bitcoin shows overall weakness. “
The trader first thinks about where Terra is in the current market cycle before making a prediction for the competitor’s Ethereum next stage.
“If we look at the price movement we can say, ‘Okay, Terra / LUNA is already accelerating pretty quickly. Where is it in the current cycle? ‘
Most likely we are somewhere in the phase of the previous run [in February 2021]. Such a consolidation phase should be very comparable to the price movement that we are going to carry out or what we are currently seeing, in which the price is continuously pushed up even further. “
During the February 2021 consolidation, LUNA traded between $ 5 and $ 8 before shooting to $ 22 in March.
Van de Poppe moves on to the Altcoin’s upper price targets for 2022 and names two key levels that he believes LUNA can reach.
“If we end such a correction phase, we could get one Fibonacci-View expansion that we can infer from the previous low and previous high where we can start aiming for two levels … $ 125 and next we can target $ 200 pulse waves based on the Fibonacci expansion as long as the trend remains up .
If that is the case, we could see this run. “
The native token LUNA of the Terra Protocol underpins a number of decentralized stablecoins. Terra itself is used for e-commerce payments and decentralized financial services (DeFi) used.
the Cryptocurrency # 9 is up 4.43% in the past 24 hours and was trading at $ 82.36 at the time of writing.
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Source: Crypto News Deutsch