- Terra price shows immense buying pressure that has resulted in a 310% bull rally.
- During this run-up, LUNA has ignored two “top signals” by the Momentum Reversal Indicator (MRI).
- In case of an upswing, MRI’s breakout line at $22.8 will serve as a stiff resistance barrier.
Terra price has seen an explosive rally defying technical indicators’ signals. Now, LUNA stands at crossroads, waiting for another leg up.
Terra price at crossroads
Terra price has ignored all technical indications of a “cycle top” as FOMO gripped investors. The recent launch of Anchor Protocol has also played a crucial role in propping up LUNA’s market value.
MRI has once again flashed a reversal sign in the form of a red one candlestick on March 16, suggesting that the current cycle has reached its top. This setup forecasts a one-to-four candlestick correction. However, Terra price ignored this signal and surged 9%.
LUNA is also trading just above the 161.8% Fibonacci retracement level at $20.24. A decisive 12-hour candlestick close above this might allow the bulls to prop up Terra price by 12.5% to the breakout level at $22.8.
Here, the bulls will face a test of their strength. If LUNA price manages to close above this level, an explosive 10% rally could push it to $25.3.
LUNA/USDT 12-hour chart
Investors should note that Terra price rally shows signs of overextension. Hence, a failure to close above $20.24 or rejection at the $22.8 level will result in a retracement to $17.9 or $16.5.
If market participants continue to book profits, LUNA price could slide to a stable demand barrier at $14.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation
Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s imminent exit.
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout
The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment
Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.