Ethereum Rival Terra (LUNA) May Be Gearing Up for Explosive Rally, According to Coin Bureau – Here’s the New Target
The host of the popular crypto channel Coin Bureau says an Ethereum (ETH) rival might pull off a 50% rally soon, and that the worst of Bitcoin’s (BTC) correction is probably behind us.
In a new video, pseudonymous crypto analyst Guy tells his 1.7 million YouTube subscribers that he’s got his eye on open-source blockchain payment platform Terra (LUNA).
Guy says LUNA’s recent positive price action is being driven by demand for stablecoins on the platform and a recent protocol upgrade.
“These dynamics have sent LUNA to the moon.
And though it saw a small correction over the weekend, if LUNA can crawl back to the $75 mark in the coming days, a $90 LUNA will come soon.”
Terra is currently trading at $65.30, down 4.68% on the day.
Also on Guy’s radar is Ethereum scaling solution Polygon (MATIC). According to the analyst, MATIC’s strength in recent days could be in anticipation of an event that Polygon plans to make a “big announcement” at.
“MATIC’s pump appears to have been caused by a combination of Polygon’s continued adoption and the countdown to the [zero-knowledge] day event, which will feature Ethereum founder Vitalik Buterin.”
MATIC is currently valued at $2.08, an 0.81% increase over the last 24 hours.
Additionally, Guy discusses OKB, the utility token of the crypto exchange OKEx, implying that he would not trade the utility token despite the recent price action.
“OKB has performed pretty well over the last year, but its performance pales in comparison with the likes of BNB [Binance Coin] and FTT [FTX Token].
Not financial advice, but I would stick to regular cryptocurrencies.”
OKB is trading at $25.87 at time of writing, a 15% increase on the day.
Looking at Bitcoin, the crypto analyst says BTC’s recent meltdown was caused by a domino effect of traders being liquidated. Despite the correction, Guy still thinks the king crypto has strong support near the 200-day moving average, which s currently roughly at $46,500.
“The reason why [the price dropped] below [$46k] was because of the billions of dollars in Bitcoin liquidations which pulled prices down even further…
We are still above the 200-day moving average, which is a very important level of price support.
With some luck, we’ll hold this level before moving up, but we might still need to bounce off that 200 day at 46k to get that final confirmation.”
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