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ERC-20 Tokens Follow ETH Price Boom! LUNA, RUNE, RLY Price Enjoy Breakout!

As the shift to the Ethereum merger has been fast approaching, it has rolled out the red carpet for the December price action. However, a crypto metric platform Santiment has confirmed the surge in the crowd interest towards the star altcoin. As per the report, whales have accumulated a total of 0.59% supply of ETH within just 12 days. Owing to the rise in the attention towards the asset, the Ethereum price might claim the $5000 mark within the next couple of days. 

Moreover, DeFi tokens based on ERC-20 such as Terra (LUNA), THORChain (RUNE), and Rally (RLY) enjoyed the breakouts along with meme tokens Shiba Inu (SHIB) and Dogelon Mars (ELON). 

Terra (LUNA): 

Terra (LUNA) has been the second most dominant token built on Ethereum. However, the altcoin has managed to keep up the uptrend momentum over the past four months with a generation of subsequent higher lows. The huge money inflow towards Ethereum based tokens resulted in the LUNA price breakout at $40.05.

With a 71.61% surge in the trading volume round the clock, the price peaked by more than 19% clinched an ATH of $60.07 on Wednesday. The price is expected to soar by another 12 to 15% in the next couple of days with a short breather. On the contrary, it would plummet between $45.66 to $43.42.

THORChain (RUNE) : 

The THORChain (RUNE) price moved in an upward trajectory to move from $7 to $16.56 in the October rally. Yet, the price failed to hold the above resistance as it quickly dropped to $10. However, the RUNE price has managed to break a 200-day moving average of $9.16 reaching $11.62 on Wednesday. Owing to the DeFi season, the price would surge by another 18 to 20% to acclaim $15 in the next couple of days. On the contrary, as the price has been trading within a close territory of a 200-day moving average, bearish dominance would ruin the price action. 

Rally (RLY) : 

Rally price which was under bearish reign for over the past two months has managed to break at $0.50. However, the price enjoyed gains of over 1.5% round the clock reaching $0.5863 on Wednesday. Interestingly, the RLY price intersects the 200 days MA at $0.5636. If it manages to climb well above that range, its price would initially climb to $0.7 before heading to $1.

On the flip side, the surge in the sell orders would plummet the price to $0.50. Collectively, along with the aforementioned tokens, meme coins built on Ethereum such as SHIB and ELON price enjoyed the breakouts as well. However, Bitcoin price is still at rest, the surge in these DeFi tokens might be signs of potential alt-season ahead of this December.

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