Technical Analysis: LUNA Leads Crypto Rally, ANC Slips Under Bearish Pressure

On Monday, terra (LUNA) rose for its 8th session in nine days, as its value increased by close to 60% over the last week. Anchor (ANC), on the other hand, was lower after climbing by almost 50% in the same period.

Biggest Gainer

Terra (LUNA) has been one of the standout performers in cryptocurrency markets in recent weeks, despite increased market volatility.

Monday’s rally in LUNA/USD saw prices climb to their highest level in over six weeks, hitting the long-term resistance point of $84.70 in the process.

This surge comes as the 14-day RSI also hit a hurdle, climbing to its resistance level of 71, which hasn’t been broken since late December.

Technical Analysis: LUNA Leads Crypto Rally, ANC Slips Under Bearish Pressure
LUNA/USD – Daily Chart

As of writing this, LUNA rose to an intraday high of $84.84, which is less than 24-hours after trading at a low of $70.57.

Despite this move, two factors now potentially stand in the way of any further short-term gains, with price strength currently overbought, and the current resistance level.

Should these both be overcome, traders may be targeting $100 for LUNA as early as this week

Biggest Loser

Although cryptocurrency markets were over 3% higher to start the week, anchor (ANC) was one of the tokens to fall lower on Monday.

As of writing, ANC/USD fell to a low of $3.47 on Monday, following a second consecutive day of bearish pressure.

This pressure commenced once ANC rose to its resistance point of $3.75, which has been in place since December 28.

Since failing to break out of this ceiling, bears saw this as a sign of weakness, and piled in to push prices lower.

Technical Analysis: LUNA Leads Crypto Rally, ANC Slips Under Bearish Pressure
ANC/USD – Daily Chart

In addition to this, the 14-day RSI is currently tracking above 73, which means that price strength is overbought, which was a welcome sign for those shorting.

In a sense, today’s pullback may provide caution to LUNA pulls, who find themselves in a similar situation.

Tags in this story

Is the pullback in ANC only temporary? Let us know your thoughts in the comments.'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer