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

LUNA reached a new record high after markets reacted to the news that Joe Biden, the U.S. president, had signed an executive order regarding cryptocurrencies.

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

Biden is asking his government to look into the "risks & benefits" of crypto. This news sent NEAR and ANC nearly 20% higher.

Terra (LUNA)

After a bear market that lasted nearly seven days, Terra (LUNA) rallied Wednesday to regain its position as the sixth-largest cryptocurrency in the world.

As this writing, LUNA/USD has risen by more than 25% over the past day and broke through $86.24 resistance.

The breakout on Wednesday pushed prices up to $104.58, an intraday record for LUNA.

This surge caused a bullish-engulfing pattern that overcame all of the previous action, where prices dropped to as low $75.

The chart shows that today's move has brought the 14-day RSI below 69. If it breaks, then the current high of 74 is likely to be the next target.

If we witness price strength increase to this level, some might expect LUNA will hit as high at $110.


anchor protocol and near both hovered around 20%, but WAVES was Wednesday's second largest gainer.

WAVES reached an intraday record of $27.55 in today's session. This is the highest level since October 29.

After yesterday's low of $21.51, WAVES/USD moved higher Wednesday, surpassing the $23 resistance level, which has been in effect since December 2.

Despite this, it is still tracking at a peak at 84 on the 14-day RSI. This is the highest level in the past eight months. This could be enticing for those who think this is too expensive.