fxs_header_sponsor_anchor

Terra Price Prediction: LUNA aims for 25% upswing as signs of reversal pop up

  • Terra price has witnessed a 30% correction since hitting its all-time high at $22.35.
  • A bounce from the 61.8% Fibonacci retracement level at $15.68 could propel LUNA higher.
  • A bearish scenario could come into play if the demand barrier at $15.68 breaks down.

Terra price seems poised for a quick upswing as it bounces off a crucial support barrier.

Terra price eyes a retest of all-time high

Terra price has been in a corrective phase that has resulted in a 30% drop toward the 61.8% Fibonacci retracement level. At the time of writing, LUNA was trading just above this point at $17.38, suggesting that a bounce is underway.

Adding credence to this bullish outlook is the Tom DeMark (TD) Sequential indicator, which indicates a potential end to this downtrend due to the formation of a red eight candlestick on the 6-hour chart.

If the current candlestick closes below $19.25, the indicator will generate a red nine candlestick, a buy signal for Terra price. In such a case, the setup forecasts a one-to-four candlestick upswing.

If this scenario were to play out, Terra price could first surge past the 78.6% Fibonacci retracement level at $8.59, which would serve as a secondary confirmation of the upswing

Here, a persistence of bullish momentum could catapult the altcoin 20% to retest its all-time high at 22.35.

LUNA/USDT 6-hour chart

Regardless of the bullish signals, investors need to understand that a close above $19.25 would disrupt the TD Sequential indicator’s count, and thus a buy signal may never erupt.

If the bears manage to invoke a 6-hour candlestick close below $15.68, it will invalidate the bullish outlook. In this case, Terra price could drop 12% to the immediate demand barrier at $13.6, coinciding with the 50% Fibonacci retracement level.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.