A preferred crypto analyst says one Ethereum (ETH) rival is on monitor to hit a brand new all-time excessive after surging by 25% in 33 hours.
In a brand new YouTube video, the host of the monetary channel InvestAnswers tells his 433,000 subscribers that Terra (LUNA) has wonderful entry factors within the fluctuating market whereas holding robust help at $76.
The InvestAnswers host forecasts how excessive LUNA might rise amid the rising recognition of Terra’s stablecoin TerraUST (UST), which has turn into the third-largest stablecoin by market cap.
“Luna is precisely on the 50-day shifting common at round $93-$94 and we must always go to $110- $120. [Terra also has] the third-largest stablecoin [UST] by market cap.”
As for Bitcoin, the analyst says that the value of the main crypto asset by market cap might go up primarily based on the correlation between BTC and the US greenback index (DXY) when it comes to worth motion.
“After a giant DXY rally, the Bitcoin worth rallies. Additionally, the corollary can be true. After the DXY tanks, Bitcoin then tanks afterwards and on and on.
We noticed it in June 2020. We noticed the massive sell-off in summertime 2021 and proper now, we had an enormous greenback index rally and that is the third one in every of its form during the last 5 years. It’s solely occurred thrice earlier than. Each time it did occur, we rallied after the actual fact, in order that’s one other piece of very bullish indicator that we see.”
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