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

LUNA deed a caller all-time high, arsenic markets reacted to quality that U.S. president Joe Biden had signed an enforcement bid connected cryptocurrencies. Biden wants his authorities to analyse the “risks and benefits” of crypto, quality of which sent the likes of NEAR and ANC astir 20% higher.

Terra (LUNA)

Following a carnivore tally that lasted astir 7 days, terra (LUNA) rallied connected Wednesday to reclaim its presumption arsenic the world’s sixth-largest cryptocurrency.

As of penning this, LUNA/USD is up by implicit 25% connected the day, breaking past its absorption of $86.24 successful the process.

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

LUNA/USD – Daily Chart

This surge created a bullish engulfing pattern, which overcame each the enactment of the past 8 days, wherever prices to arsenic debased arsenic $75.

Looking astatine the chart, today’s determination has taken the 14-day RSI to a ceiling of 69, should it break, past the caller precocious of 74 volition apt beryllium the adjacent people area.

Should we spot terms spot emergence to this level, past immoderate whitethorn expect LUNA to deed arsenic precocious arsenic $110.

WAVES

Although anchor protocol (ANC) and NEAR were some hovering astir 20% connected the day, it was WAVES which was Wednesday’s second-biggest gainer.

WAVES roseate to an intraday precocious of $27.55 during today’s session, which is its highest level since October 29.

Following a debased of $21.51 yesterday, Wednesday’s determination saw WAVES/USD ascent supra the $23 absorption point, which has been successful spot since December 2.

WAVES/USD – Daily Chart

Despite this, the 14-day RSI is tracking astatine a highest of 84, which is the highest it has sat astatine successful the past 8 months, which could beryllium enticing to those who judge this is overbought.

Will today’s enforcement bid beryllium a bully happening for crypto markets long-term? Let america cognize your thoughts successful the comments.

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