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This Low-Cap Altcoin Eyes Big Bounce After Brutal Decline, According to Top Analyst

This Low-Cap Altcoin Eyes Big Bounce After Brutal Decline, According to Top Analyst

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Source: Daily Hodle

This Low-Cap Altcoin Eyes Big Bounce After Brutal Decline, According to Top Analyst

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.”

Source: Kaleo/Twitter

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.”

Source: Kaleo/Twitter

Kaleo also sees promise in the LUNA/BTC pairing. LUNA / BTC looks ready for continuation higher”

Source: Kaleo/Twitter

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.

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Featured Image: Shutterstock/Ana Aguirre Perez

The post This Low-Cap Altcoin Eyes Big Bounce After Brutal Decline, According to Top Analyst appeared first on The Daily Hodl.

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Author: Daily Hodl Staff