A intently tracked crypto dealer says that Ethereum rival Terra (LUNA) could be following the identical path that decentralized oracle Chainlink (LINK) took when it skilled its final huge correction.
The pseudonymous analyst generally known as Capo tells his 248,000 Twitter followers that merchants are overlooking some placing similarities in price motion between LINK and LUNA.
“LINK vs. LUNA
They have been performing very comparable whereas your entire market was down. Expecting LUNA to go to the lows of the vary ($40-45) after confirming the common bearish divergence.”
At time of writing, Chainlink is at the moment priced simply above $13.00, about 75% under its all-time excessive of $52, whereas Terra is buying and selling for $89.01, 14% under its peak of $104.
According to Capo, good contract platform Fantom (FTM) can also be trying considerably susceptible to extra draw back danger. He factors out the large rise in open curiosity (OI) as FTM traits down, suggesting that sentiment is mostly very bearish as merchants aggressively attempt to brief promote the coin.
Something you don’t need to see throughout a bearish pattern. This appears to be like so unhealthy to be sincere.”
As for Bitcoin, the favored analyst is making a comparability between BTC’s price motion now and in the course of the huge collapse of May 2021. According to Capo, Bitcoin’s aid rally in February and subsequent ranging price motion is reminiscent of May final yr proper earlier than BTC made one other highly effective transfer to the draw back, in the end going under $30,000.
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