Coin Bureau Predicts A Rally For LUNA And MATIC, Looks Into Bitcoin
According to Coin Bureau host Guy an Ethereum (ETH) rival Terra (LUNA) might be preparing for a 50% rally soon. He also believes that the worst of Bitcoin’s (BTC) correction is likely past us.
Terra (LUNA)
Guy shared in a recent video with the channel’s 1.7 million subscribers on YouTube that he is closely following the open-source blockchain payment platform Terra (LUNA).
LUNA’s recent positive price action is being driven by demand for stablecoins on the platform and a recent protocol upgrade, according to the analyst.
“These dynamics have sent LUNA to the moon.
And though it saw a small correction over the weekend, if LUNA can crawl back to the $75 mark in the coming days, a $90 LUNA will come soon.”
At the time of writing LUNA is trading at $66.48, with 2.3% gains on a daily chart.
Polygon (MATIC)
The analyst is also looking into Ethereum scaling solution Polygon (MATIC), and argues that its strength in the past few days could be in anticipation of an event that Polygon plans to make a “big announcement” at Zero-Knowledge event.
“MATIC’s pump appears to have been caused by a combination of Polygon’s continued adoption and the countdown to the day event, which will feature Ethereum founder Vitalik Buterin.”
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At the time of writing MATIC is trading at $2.27, with 14.8% gains on a daily chart.
Bitcoin (BTC)
Looking into Bitcoin, the market analyst believes that BTC’s recent meltdown was caused by a domino effect of traders being liquidated. Regardless of the latest crash, Guy Bitcoin has strong support near the 200-day moving average, which is around $46,500.
“The reason why below [$46,000] was because of the billions of dollars in Bitcoin liquidations which pulled prices down even further…
We are still above the 200-day moving average, which is a very important level of price support.
With some luck, we’ll hold this level before moving up, but we might still need to bounce off that 200 day at 46k to get that final confirmation.”
