A prominent crypto analyst has high expectations for one small-cap altcoin after an 82% crash from an all-time high of $22 to a low of $4.00.
For his 313,800 followers on Twitter, trader and crypto strategist Kaleo paints a bullish picture for Terra’s (LUNA) recovery, amid its severe drop in the crypto market.
He expects a relief move back up to double digits, a 2.5x jump at minimum from its low.
“The LUNA BTC chart looks rough, but the USD one looks a hell of a lot better. Clean bounce so far on strong HTF support.
I’ll be shocked if this doesn’t get a relief bounce at least back to double digits.”
Since the market began its recovery, Kaleo notes that Terra is one of the best performers among other altcoins, shooting up more than 50% from its low.
“LUNA still the best performing alt of the day up more than 50% from the lows after the bounce from HTF support.”
Kaleo also sees promise in the LUNA/BTC pairing. LUNA / BTC looks ready for continuation higher”
Terra was created by Korean blockchain company Terraform Labs.
It is a decentralized financial payment network that uses fiat-pegged stablecoins to settle global payments. It runs on a proof-of-stake blockchain that utilizes its reserve currency, Luna, to provide security and validation to the network.
Featured Image: Shutterstock/Ana Aguirre Perez