A carefully tracked crypto expert is drawing up what’s in shop for Ethereum competitors Terra (LUNA) and Avalanche (AVAX) as the digital property markets flash indications of life.
In a brand-new method session, Altcoin Sherpa states that decentralized finance (DeFi) payment network Terra looks strong on the much shorter timeframes as it continues to develop greater lows.
“It’s still, in my opinion, a bullish market structure on the four-hour and the EMAs (exponential moving averages) still look pretty decent as well.”
While the crypto strategist thinks LUNA is still in an uptrend, he alerts that the seventh-ranked crypto property is beginning to reveal bearish signals.
“There’s a lot of high sell volume coming in, and it looks like there is potentially some type of head and shoulders pattern playing out. But I would be careful shorting this one personally just because I think that usually, you don’t want to short stuff that’s super strong in general.”
According to Altcoin Sherpa, the $75 cost location provides a good assistance level for LUNA.
LUNA is presently trading at $91.60 sometimes of composing.
The next coin on the trader’s radar is smart contract platform Avalanche, which he states is preparing for a rally ahead of the Avalanche Summit.
“AVAX is in a high timeframe bearish market structure, in my opinion, just because we’re seeing some of these lower lows and lower highs. But currently, we could be breaking out, and there are some bullish catalysts for AVAX in the next week or so with the Avalanche Summit coming … Next target would be about $100, in my opinion.”
Although Altcoin Sherpa sees AVAX rallying in the coming days, he thinks the altcoin will not tape-record a brand-new all-time high. At time of composing, AVAX is exchanging hands for $89.34.
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