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Trader Says Terra (LUNA) Following Corrective Path of Chainlink (LINK), Warns of Downside Risk of Fantom (FTM)

by Daily Hodl Staff
March 14, 2022
in Altcoins, Bitcoin, Trading

A closely tracked crypto trader says that Ethereum rival Terra (LUNA) might be following the same path that decentralized oracle Chainlink (LINK) took when it experienced its last big correction.

The pseudonymous analyst known as Capo tells his 248,000 Twitter followers that traders are overlooking some striking similarities in price action between LINK and LUNA.

“LINK vs. LUNA

They have been performing very similar while the entire market was down. Expecting LUNA to go to the lows of the range ($40-45) after confirming the regular bearish divergence.”

Image
Source: Capo/Twitter

At time of writing, Chainlink is currently priced just above $13.00, about 75% below its all-time high of $52, while Terra is trading for $89.01, 14% below its peak of $104.

According to Capo, smart contract platform Fantom (FTM) is also looking significantly vulnerable to more downside risk. He points out the massive rise in open interest (OI) as FTM trends down, suggesting that sentiment is generally very bearish as traders aggressively try to short sell the coin.

“FTM

Something you don’t want to see during a bearish trend. This looks so bad to be honest.”

Image
Source: Capo/Twitter

As for Bitcoin, the popular analyst is making a comparison between BTC’s price action now and during the big collapse of May 2021. According to Capo, Bitcoin’s relief rally in February and subsequent ranging price action is reminiscent of May last year right before BTC made another powerful move to the downside, ultimately going below $30,000.

Image
Source: Capo/Twitter
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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