Terra Tokens Display Bullish Sentiment! LUNA Price To Test $2 Soon?

Photo of author
Written By Pinang Driod

After displaying a bearish trend for a brief period, the Terra tokens regained momentum and have recorded a significant uptrend over the past week. Further, the LUNA price has added over 22% within 24 hours and approximately 50% over the past seven days, indicating a rise in bullish influence.

The Terra LUNA price traded in a closed range between $0.635 and $0.777 for over a week, after which it recorded a jump of 24.80. However, the rally was short-lived as the price faced rejection at $0.8830, following which it displayed a neutral trend for a while.

TradingView: LUNA/USDT

After this, the bulls jumped 72.59% within hours before facing rejection at $1.4030. After this, the market experienced a trend reversal, and the Terra token recorded a correction of 25.83%. Following this, the LUNA price traded sideways for nine days.

As the market volatility grew, the LUNA token lost momentum and lost approximately 25% over the next five days. After testing its low of $0.7770, the bulls have been displaying a positive trend, and since then, the price has added over 70% in valuation.

The Relative Strength Index (RSI) surpassed the overbought range, highlighting an ongoing massive buying pressure in the crypto market. Further, the averages show a bullish rise, suggesting a positive price action for the Terra token this week.

Will LUNA Price Go Up?

If the market continues to gain momentum, it will prepare to test its upper resistance level of $1.55 soon. Moreover, if the market sentiments favor the bulls, the LUNA price will test its upper level of $1.7 in the coming time.

On the other hand, if the bears overpowered the bulls, the LUNA 2.0 will lose momentum and fall to test its support level of $1.214. Moreover, if the bears continue to hold power over the bulls, it will further plunge and fall to test its lower support level of $1.040 during the upcoming weeks.

SOURCE

Leave a Comment