A closely tracked crypto strategist is mapping out the bottom for Ethereum (ETH) challenger Terra (LUNA) while expecting rallies for Near Protocol (NEAR) and two additional altcoins.
Pseudonymous crypto analyst Altcoin Sherpa tells his 174,500 Twitter followers that decentralized finance (DeFi) payment network Terra is likely one leg down away from carving a local bottom.
“LUNA: Close enough to the 200-day exponential moving average for this to still hold as support but this area has been tested several times already. Wouldn’t mind seeing a spike to the high $60s for this to maybe bottom.”
At time of writing, Terra is valued at $82.60.
Next up is another Ethereum competitor, NEAR, which Altcoin Sherpa believes is poised to ignite a relief rally after an almost 40% correction from its all-time high of $20.44.
“I still think this area is good for a short-term bounce at a minimum given the 200-day exponential moving average + 786 Fibonacci level. That said, I don’t expect this to break all-time highs from this area personally.”Â
NEAR is currently changing hands for $12.33, up over 5% in the last 24 hours.
Another altcoin on the trader’s list is DAO Maker (DAO), the governance token of the DAO Maker platform, a decentralized finance and venture capital fund for tokenized startups built on the Ethereum blockchain.
According to Altcoin Sherpa, he sees DAO rallying over 20% from its current price of $3.28.
“I think this is one of the better-looking altcoin charts right now. [The] 200-day exponential moving average could act as resistance, but this one held up pretty well over the last few weeks despite the market dumping. I think $4 is coming soon.”
The last coin on the analyst’s radar is the non-fungible token (NFT) marketplace LooksRare (LOOKS). Altcoin Sherpa says LOOKS needs to take out its immediate resistance to sustain its bullish momentum.
“LOOKS is still moving. I added at $1.40, but wish I added even more. I liked the confluence of 786 [Fibonacci level] + POC [point of contro] of the entire price history. Needs to break $2.20 though.”
At time of writing, LOOKS is trading at $1.58, down over 11% in the past day.
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