Technical Analysis: LUNA Hits New High, as Biden Signs Crypto Executive Order

Technical Analysis: LUNA Hits New High, as Biden Signs Crypto Executive Order

LUNA hit a new all-time high, as markets reacted to news that U.S. president Joe Biden had signed an executive order on cryptocurrencies. Biden wants his government to examine the “risks and benefits” of crypto, news of which sent the likes of NEAR and ANC almost 20% higher. Terra (LUNA)

Following a bear run that lasted almost seven days, terra (LUNA) rallied on Wednesday to reclaim its position as the world’s sixth-largest cryptocurrency.

As of writing this, LUNA/USD is up by over 25% on the day, breaking past its resistance of $86.24 in the process.

Wednesday’s breakout pushed prices to an intraday high of $104.58, which is an all-time high for LUNA. LUNA/USD – Daily Chart

This surge created a bullish engulfing pattern, which overcame all the action of the past eight days, where prices to as low as $75.

Looking at the chart, today’s move has taken the 14-day RSI to a ceiling of 69, should it break, then the recent high of 74 will likely be the next target area.

Should we see price strength rise to this level, then some may expect LUNA to hit as high as $110.

WAVES

Although anchor protocol (ANC) and NEAR were both hovering around 20% on the day, it was WAVES which was Wednesday’s second-biggest gainer.

WAVES rose to an intraday high of $27.55 during today’s session, which is its highest level since October 29.

Following a low of $21.51 yesterday, Wednesday’s move saw WAVES/USD climb above the $23 resistance point, which has been in place since December 2. WAVES/USD – Daily Chart

Despite this, the 14-day RSI is tracking at a peak of 84, which is the highest it has sat at in the last eight months, which could be enticing to those who believe this is overbought. Tags in this story Biden, LUNA, NEAR, WAVES. ANC

Will today’s executive order be a good thing for crypto markets long-term? Let us know your thoughts in the comments. Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Week High Above $42,000 MARKET UPDATES | 8 hours ago Technical Analysis: ANC Falls 14%, as ZEC Leads Tuesday Gainers MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDefunct File-Sharing Platform Limewire Plans a Comeback, NFT Marketplace and Token on the Horizon Next articleBored Ape Yacht Club Donates $1 Million in Ethereum to Ukraine Following Community Efforts Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItStarlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise

Spacex has managed to deliver Starlink equipment to Ukraine as promised by its founder, Elon Musk. The hardware will provide access to high-speed internet for users in the country, which has been experiencing disruptions in communications as a result of ... read more.South African Mobile Network Operator MTN Buys Land in the Metaverse Cambridge Centre for Alternative Finance Launches Digital Assets Research Project With 16 Banks Ukraine"s Cyberpolice Force Starts Accepting Cryptocurrency Donations Proof-of-Work Ban Removed From Europe’s Proposed Crypto Regulation