Back in the 2018 crypto bear market, A pseudonymous crypto analyst Smart Contracter, who had rightly predicted Bitcoin Bottom now expects a deep correction for Terra (LUNA), a decentralized finance payment network.
Crypto analyst, Smart Contracter informs his 207,000 Twitter followers that a five-way rally has been completed by Terra (LUNA) and is on the path of deep correction.
Smart Contracter, closely follows the Elliott Wave theory, which is a technical analysis platform predicting future price action by following crowd psychology that manifests in waves. So as per the theory, every asset goes through a five-wave cycle before experiencing a major trend reversal.
According to the analyst’s chart, LUNA is strongly moving towards $25 which indicates a downfall of more than 70% from its current price of $85.40.
At the time of writing Terra (LUNA) is trading at $85.34 with an up of 0.92% over the last 24hrs. As altcoin is presently trading at $85, if the trend continues, LUNA price might hit an immediate resistance level of $97 but if the bulls fail to keep the control, then the trend might reverse and the price of LUNA might fall to $74.05 level.
What’s Next For Bitcoin Price?
While looking at Bitcoin Price, the crypto strategist explains that Bitcoin is halfway towards a five-wave correction which is on the lower time frame. He is seen quoting via Twitter that
“BTC [is] now in the process of an impulsive five-wave decline on four-hour [chart], so expecting a nice relief bounce to $45k or so in the coming days, then further downside. $37-$38k is new key support.”
Meanwhile, at press time Bitcoin is changing hands at $40,121 with an increase of 0.01% over the last 24hrs.
The wide-ranging cryptocurrency market capitalization has bounced 0.87% over the last 24hrs to $1.87 trillion. Also, the Bitcoin dominance also slidded as low as 0.30% over the past 24hrs at 40.80%.