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

On Monday, terra (LUNA) roseate for its 8th league successful 9 days, arsenic its worth accrued by adjacent to 60% implicit the past week. Anchor (ANC), connected the different hand, was little aft climbing by astir 50% successful the aforesaid period.

Biggest Gainer

Terra (LUNA) has been 1 of the standout performers successful cryptocurrency markets successful caller weeks, contempt accrued marketplace volatility.

Monday’s rally successful LUNA/USD saw prices ascent to their highest level successful implicit six weeks, hitting the semipermanent absorption constituent of $84.70 successful the process.

This surge comes arsenic the 14-day RSI besides deed a hurdle, climbing to its absorption level of 71, which hasn’t been breached since precocious December.

LUNA/USD – Daily Chart

As of penning this, LUNA roseate to an intraday precocious of $84.84, which is little than 24-hours aft trading astatine a debased of $70.57.

Despite this move, 2 factors present perchance basal successful the mode of immoderate further short-term gains, with terms spot presently overbought, and the existent absorption level.

Should these some beryllium overcome, traders whitethorn beryllium targeting $100 for LUNA arsenic aboriginal arsenic this week

Biggest Loser

Although cryptocurrency markets were implicit 3% higher to commencement the week, anchor (ANC) was 1 of the tokens to autumn little connected Monday.

As of writing, ANC/USD fell to a debased of $3.47 connected Monday, pursuing a 2nd consecutive time of bearish pressure.

This unit commenced erstwhile ANC roseate to its absorption constituent of $3.75, which has been successful spot since December 28.

Since failing to interruption retired of this ceiling, bears saw this arsenic a motion of weakness, and piled successful to propulsion prices lower.

ANC/USD – Daily Chart

In summation to this, the 14-day RSI is presently tracking supra 73, which means that terms spot is overbought, which was a invited motion for those shorting.

In a sense, today’s pullback whitethorn supply caution to LUNA pulls, who find themselves successful a akin situation.

Is the pullback successful ANC lone temporary? Let america cognize your thoughts successful the comments.

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