Smart Contracter Projects Bearish Outlook For LUNA & AVAX
Despite outperforming several crypto assets in the recent months, Avalanche (AVAX) and Terra (LUNA) might have hard times ahead, according to crypto analyst known as Smart Contracter.
Terra (LUNA)
The widely followed crypto strategist shared with his 205.2K followers on Twitter that LUNA the native token of Terra, a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems, might see troubles ahead.
“LUNA, another of the leaders over the last six months, looks well and truly cooked.”
Looking at Smart Contracter’s chart, LUNA’s support levels since July 2021, seem to have turned into resistance in the past few weeks.
At the time of writing LUNA is testing to break out of the resistance, trading at $73.16.
Avalanche (AVAX)
Smart Contracter is also looking into the recent price action of Avalanche (AVAX), a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks.
According to the analyst, AVAX against Bitcoin (BTC), is facing sell pressure and printing lower highs after peaking at all-time high against BTC end of 2021.
“AVAX/BTC looking dicey here.
Feels like a serious macro lower high is trying to be put in and this has been one of the stronger leaders over the last 6 months so defo (definitely) quite worrying.”
avaxbtc looking dicey here.
feels like a serious macro lower high is trying to be put in and this has been one of the stronger leaders ofver the last 6 months so defo quite worrying. pic.twitter.com/vexLQyZIIF
