Altcoins started October in style, gaining ground from the lows recorded in September. For nearly two weeks, crypto assets, including Bitcoin, had suffered a massive setback, with most settling at crucial junctures. Nevertheless, some tokens like Terra and Avalanche did not seem bothered by the bearish pressure in the market, culminating in incredible gains toward their all-time highs.
As reported earlier, Bitcoin’s upswing above $48,000 lifted the rest of the cryptocurrency market in a fantastic show of price correlation. BTC currently trades slightly above $47,000 following a rejection due to the resistance marginally past $48,000.
Terra:-
Terra broke above its record high of $44.5 for the first time since September 11. The token went ahead to trade a new high at $46.5. However, the spike to this level was short-lived, with LUNA forced to retreat to $41.4.
At the time of writing, Terra is teetering at $44 after bulls retook control. The general trend is upward, especially with eyes glued on tearing through the new all-time high. Investors are looking forward to a run-up above $50,000 in the near term.
If the bullish outlook from the Moving Average Convergence Divergence (MACD) remains intact, Terra’s journey to a higher ATH will have great potential. Besides. The Relative Strength Index (RSI) confirms that bulls have the upper hand, especially its continuous movement toward the overbought area.
LUNA/USD 12-Hour Chart
Solana:-
Solana recovered and surpassed our prediction of $170 on Sunday. The upswing started in tandem with BTC’s recovery to $48,000. Solana overcame most of the hurdles along its way, including $150, $160, and $170.
The smart contracts token traded October highs of $178 before retreating to confirm support toward $160. Currently, SOL trades at $169 while bulls battle to reclaim $170.
Bulls have to be alert because the RSI points downward, insinuating that overhead pressure could be rising. More substantial support is expected at the 61.8% Fibonacci retracement level, around $160.
SOL/USD 12-Hour Chart
On the upside, the MACD’s bullish picture cannot be ignored. Therefore, the setback from $178 should not scare buyers from the market. Besides, holding above $170 will bring Solana closer to $180, while $200 comes in sight.
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