Analyst Predicts Big Move for Ethereum Rival Terra (LUNA), Highlights ‘Very Bullish’ Metric for Bitcoin
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A popular crypto analyst says one Ethereum (ETH) rival is on track to hit a new all-time high after surging by 25% in 33 hours.
In a new YouTube video, the host of the financial channel InvestAnswers tells his 433,000 subscribers that Terra (LUNA) has excellent entry points in the fluctuating market while holding strong support at $76.
The InvestAnswers host forecasts how high LUNA could rise amid the rising popularity of Terra’s stablecoin TerraUST (UST), which has become the third-largest stablecoin by market cap.
“Luna is exactly at the 50-day moving average at around $93-$94 and we should go to $110- $120. [Terra also has] the third-largest stablecoin [UST] by market cap.”
As for Bitcoin, the analyst says that the price of the leading crypto asset by market cap could go up based on the correlation between BTC and the US dollar index (DXY) in terms of price movement.
“After a big DXY rally, the Bitcoin price rallies. Also, the corollary is also true. After the DXY tanks, Bitcoin then tanks afterwards and on and on.
We saw it in June 2020. We saw the big sell-off in summertime 2021 and right now, we had a huge dollar index rally and this is the third one of its kind over the last five years. It’s only happened three times before. Every time it did happen, we rallied after the fact, so that’s another piece of very bullish indicator that we see.”
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