Is Terra’s LUNA price preparing to double?
|- Terra’s LUNA price sees compression of 8- and 21-day simple moving averages.
- LUNA price volume has tapered out considerably amidst June’s downtrend.
- Invalidation of the uptrend is a breach below $1.60.
Terra’s LUNA price could continue higher. It is not a guarantee, but the probability is valid.
Terra’s LUNA price prepares to rally or detonate
Terra’s LUNA price is experiencing a profit-taking consolidation as the bulls have finally created some momentum. The recent breach of $2.00 created a 35% rally into a high at $2.80 during the final days of June. LUNA price technical indicators do promote the idea that a rise can continue as high as $5.00.
Terra’s LUNA price currently trades at $2.50, a psychological barrier accompanied by optimism as the Terra community has recently organized millions of dollars for further blockchain development. The 3-day chart hints at the possibility of more uptrend as the volume indicator during June was relatively sparse. Secondly, the compression of the 8- and 21-day simple moving averages (SMA) below the current LUNA price could become the catalyst to induce a golden cross. The collision of both moving averages will surely bring a much-needed increase of volatility into the market for intraday traders to engage with.
LUNA/BUSD 3-Day Chart
If market conditions persist, the $3.00 zone will be the final short-term target to breach for less confident bulls speculating on a $5.00 target in the long term. On the contrary, If the bears manage to breach below the $1.60, a sharp plummet to $0.59 could occur, resulting in a 75% decrease from the current LUNA price.
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