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Here’s How High Ethereum Rival Terra (LUNA) Can Soar in 2022, According to Crypto Strategist Michaël van de Poppe

Popular cryptocurrency analyst and dealer Michaël van de Poppe is digging into the charts to plot out what Terra (LUNA) has in retailer price-wise because the crypto markets enter a brand new yr.

In a brand new technique session, Van de Poppe tells his 156,000 YouTube subscribers that he’s impressed by the Ethereum competitor’s energy among the many different profitable layer-1 altcoins.

“LUNA is one the strongest belongings at this level in the cryptocurrency markets. Not solely LUNA but in addition AVAX [Avalanche] has been doing actually nice. MATIC [Polygon] has been doing nice.

All these layer-1s and tasks which can be comparable to layer-1 are doing nice and are displaying energy, whereas Bitcoin is displaying weak point total.”

The dealer first considers the place Terra stands in the present market cycle earlier than making a prediction for the Ethereum competitor’s subsequent leg up.

When we’re trying on the price motion we are able to say, ‘Okay, Terra/LUNA is already accelerating quite fast. Where is it in the current cycle?’

Most doubtless, we’re someplace in the stage of the earlier run [in February 2021]. Such a consolidative interval must be very comparable to the price motion that we’re going to make, or what we’re seeing at this level, in which the price has been frequently pushing upwards much more.”

During the February 2021 consolidation, LUNA traded between $5 and $8 earlier than skyrocketing to $22 in March.

Moving on to the altcoin’s higher price targets for 2022, Van de Poppe cites two key ranges he thinks LUNA can hit.

“If we’re ending such a corrective interval, we may very well be a Fibonacci extension, which we are able to derive from the earlier low and former excessive, in which we are able to begin focusing on two ranges… $125 and we are able to goal $200, as the subsequent impulse waves based mostly on the Fibonacci extension so long as the pattern stays upwards.

If that’s the case, we may very well be seeing this run.”

The Terra protocol’s native token LUNA underpins a collection of decentralized stablecoins. Terra itself is used for e-commerce funds and decentralized finance (DeFi) providers.

The Ninth-ranked crypto is up 4.43% in the final 24 hours, buying and selling at $82.36 at time of writing.

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Featured Image: Shutterstock/Vladi333

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