Technical Analysis: LUNA Leads Crypto Rally; ANC Sinks Under Bearish Pressure

Anchor (ANC) was down, however, after rising by nearly 50% over the same time period.

Biggest Gainer

Terra(LUNA) has been a standout performer in cryptocurrency markets these past weeks, despite increasing market volatility.

Monday's rally of LUNA/USD saw prices rise to their highest levels in six weeks. Prices also reached the $84.70 long-term resistance level.

This surge occurs as the 14-day RSI reaches a major hurdle, reaching resistance level 71. It hasn't been broken since December.

LUNA has risen to $84.84 intraday, less than 24 hours after trading at a low $70.57

This move is despite two factors that could hinder any short-term gains. The current resistance level and price strength are currently too high.

If these two obstacles are overcome, traders could be aiming for $100 for LUNA this week

Biggest Loser

Although cryptocurrency markets were up 3% to begin the week, anchor was one token that fell lower on Monday.

ANC/USD dropped to $3.47 as of Monday's writing. This was after a second consecutive day under bearish pressure.

This pressure began when ANC reached its resistance point at $3.75. It has been in effect since December 28.

Bears saw the failure to break through this ceiling as weakness and began to pile in to push prices down.

The 14-day RSI currently tracks above 73. This indicates that price strength has overbought. This was a welcome sign to those who are shorting.

Today's pullback could be seen as a warning to LUNA pulls who are in a similar position.