Popular cryptocurrency analyst and trader Michaël van de Poppe is examining the charts to see what the market prices of Terra (LUNA) are up to as the crypto markets enter a new year. We, as Somanews, have compiled Michaël van de Poppe’s analysis of the altcoin project for our readers.
Altcoin projects on the analyst’s radar: LUNA, MATIC, AVAX
Michaël van de Poppe says he was impressed by the strength of Ethereum competitors among other successful Tier-1 altcoin projects:
Terra (LUNA) is one of the strongest assets in the cryptocurrency markets at this point. Not only the LUNA, but also Avalanche (AVAX) is doing really well. Polygon (MATIC) is doing great. All these tier-1s and tier-1 comparable projects are doing great and showing strength, while Bitcoin is showing weakness overall.
Before making a prediction for the Ethereum rival’s next leg, the analyst looks at where Terra stands in the current market cycle:
Looking at the price action, LUNA is already rising pretty fast. Most likely, we are somewhere in the phase of the previous run (in February 2021). Such a consolidation period should be very comparable to the price action we’re going to make, or what we’re seeing at this point where price is constantly pushing higher.
During the February 2021 consolidation, LUNA traded between $5 and $8 before skyrocketing to $22 in March. Moving on to altcoin’s upper price targets for 2022, Michaël Van de Poppe talks about two key levels he thinks LUNA can reach:
If we are ending such a correction period, we may be looking at a Fibonacci extension from which we can start targeting the two levels, deriving from the previous low and the previous high. As long as $125 and the trend stays up, we can target $200 as the next impulse waves based on the Fibonacci extension.