A carefully tracked crypto dealer says that Ethereum rival Terra (LUNA) is perhaps following the identical path that decentralized oracle Chainlink (LINK) took when it skilled its final huge correction.
The pseudonymous analyst often called Capo tells his 248,000 Twitter followers that merchants are overlooking some putting similarities in worth motion between LINK and LUNA.
“LINK vs. LUNA
They’ve been performing very related whereas all the market was down. Anticipating LUNA to go to the lows of the vary ($40-45) after confirming the common bearish divergence.”
In keeping with Capo, sensible contract platform Fantom (FTM) can be wanting considerably susceptible to extra draw back threat. He factors out the huge rise in open curiosity (OI) as FTM developments down, suggesting that sentiment is mostly very bearish as merchants aggressively attempt to quick promote the coin.
One thing you don’t wish to see throughout a bearish pattern. This appears to be like so dangerous to be sincere.”
As for Bitcoin, the favored analyst is making a comparability between BTC’s worth motion now and throughout the huge collapse of Could 2021. In keeping with Capo, Bitcoin’s aid rally in February and subsequent ranging worth motion is paying homage to Could final 12 months proper earlier than BTC made one other highly effective transfer to the draw back, finally going under $30,000.
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