This is Why Terra (LUNA) Price Could See A Massive Uptrend Anytime Soon

The post This is Why Terra (LUNA) Price Could See A Massive Uptrend Anytime Soon appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Earlier in the morning, the Cryptocurrency market was all bullish with Bitcoin, Ethereum, and major other cryptocurrencies flashing a green signal.

However, the bulls couldn’t maintain this pace for a longer time as Ethereum, Tether, Binance Coin, XRP, and Solana among others have tumbled down on a red note. Only Bitcoin, TerraUSD, Binance USD, and another handful of cryptocurrencies have maintained the bullish trend.

Analyst Forecast A Big Move For LUNA

A well-known crypto analyst and strategist, who is a host of financial channel InvestAnswers, predicts one Ethereum (ETH) competitor is on the verge to reach its all-time high after the currency surged by 25% in just 33 hours.

In a new Youtube video, the host informs his 433,000 subscribers that Terra (LUNA)’s outlook has exceptional entry points amidst the crypto market fluctuation. LUNA price has a stronghold on its support level at $76.

The host is of the opinion that LUNA could see a massive bullish trend in the midst of the increasing Terra’s stablecoin TerraUST (UST) popularity. TerraUST (UST) has become the third-largest stablecoin by market capitalization. The host is seen quoting as follows

“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.”

On the other hand, when the analyst cum host talks about Bitcoin, he put forth his opinion saying the world’s first cryptocurrency by market cap, Bitcoin price could see a surge based on the correlation between Bitcoin and the US dollar index (DXY) with regards to its price movements.

“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 in 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 a very bullish indicator that we see.”