From the daily LUNA/USDT chart above, it can be seen that the daily MFI, RSI, and MACD hint at a continuation of bullishness for LUNA rolling into the new week. Consequently, Terra (LUNA) could attempt to push closer to $120 or above.
At the time of writing, the Luna Foundation how holds 30,727.98 Bitcoin.
It is with this brief background of LUNA hitting a new all-time high and the foundation’s constant purchases of Bitcoin, that could ignite a BTC and crypto-wide bull run.
The consistent purchases of Bitcoin will most likely create a FOMO (fear of missing out) effect that will kick start a new round of interest in buying BTC by retail investors. Once the King of Crypto starts its journey toward higher levels, other cryptocurrencies will follow suit.
At the time of writing, Bitcoin is attempting to turn the $46k price area as support. Bitcoin is right below the 200-day moving average at approximately $48k. Chances are that in the coming week, Bitcoin makes a second attempt at breaking this level. If successful, a crypto-wide sense of bullishness will most likely be felt in the markets.
[Disclaimer: Opinions expressed herein by the author should not be considered as financial advice nor do they represent those of EWN and its other writers.]