As markets reacted to news that US President Joe Biden had signed an executive order on cryptocurrencies, LUNA hit a new all-time high. Biden wants his government to look at the “risks and advantages” of cryptocurrency, which has driven stocks like NEAR and ANC about 20% higher.
Terra is a character in the game Terra (LUNA)
Terra (LUNA) rebounded on Wednesday to restore its status as the world’s sixth-largest cryptocurrency after a nearly seven-day bear market.
LUNA/USD is up almost 25% on the day as of this writing, smashing through its barrier of $86.24 in the process.
The breakout on Wednesday lifted prices to an intraday high of $104.58, an all-time high for LUNA.
This increase resulted in a bullish engulfing pattern, which outperformed the previous eight days’ action, which saw prices fall as low as $75.
Looking at the chart, today’s advance has pushed the 14-day RSI to a ceiling of 69; if it breaks, the recent high of 74 will be the next objective.
If price strength rises to this level, some analysts believe LUNA might achieve $110 per share.
Although anchor protocol (ANC) and NEAR were both up approximately 20% on the day, WAVES was the second-best performer on Wednesday.
During today’s session, WAVES hit an intraday high of $27.55, the highest level since October 29.
Following yesterday’s low of $21.51, WAVES/USD rose above the $23 resistance level, which has been in place since December 2.
Despite this, the 14-day RSI is at an all-time high of 84, the highest it’s been in eight months, which may tempt those who believe the market is overbought.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.