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ETH Killers Terra LUNA, Avalanche Crypto (AVAX) Head for New Highs

Terra LUNA coin and Avalanche have been two of the most bullish cryptocurrencies in recent months, pushing their way to No. 10 and No. 12 in the crypto rankings in terms of market capitalization. These two coins and Solana are considered to be the Ethereum competitors worthy of most respect, and they have been doing quite well. LUNA and AVAX have been making gains, even when the market has been bearish, and they have already turned bullish after the latest retreat, despite the crypto market being in consolidation mode. So, let’s see if they can reach new highs soon.

Terra Daily Chart Analysis – LUNA Buyers Can’t Wait to Resume the Uptrend

Terra LUNA has been extremely bullish since late July, when it was trading at around $5. At the end of December, the price climbed to $106, which means a gain of more than $2,000%. Terra has become the second biggest blockchain network recently, behind Ethereum. DeFi applications on this network are filling the gaps in decentralized finance (DeFi).

Anchor enables users to earn a stable yield of around 20% if they save their UST, while Mirror allows users to earn yields of 40~50% by staking synthetic assets and UST together. Kujira, on the other hand, is an auction liquidation protocol on the Terra blockchain, which allows users to bid on liquidated assets on Terra, such as Ethereum, which was sold for a 9% discount earlier in December. This advancement deeper into DeFi has increased the demand for its native stablecoin, UST, and for the LUNA coin as well. LUNA/USD retreated lower towards the end of December, but it has reversed again now, and it should reach the previous highs at $106 soon.

Avalanche Daily Chart Analysis – MAs Keep AVAX Bullish

AVAX keeps the uptrend going, as the lows keep getting higher

Avalanche coin has also had an impressive run since late July, when it was trading at around $10, and in November it reached $146. We have seen pullbacks lower during this time, but moving averages have been doing a great job in providing support and pushing the trend higher.

Earlier last month, we saw a pullback that took the price below $80, but the 100 SMA (green) and the previous resistance helped stop the retrace. Last week, we saw another pullback, but the decline ended at the 50 SMA (yellow), and it has reversed higher again. The announcement that it was adding USD Coin (USDC) to its network, and BitGo adding Avalanche support, which means that its clients, such as the exchanges, Bitstamp and Bitbuy, can now offer AVAX as well. So, AVAX/USD is trading above $110 at the moment, and it should soon reach the highs of November again.

Read More : ETH Killers Terra LUNA, Avalanche Crypto (AVAX) Head for New Highs

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