Lorenzo Stroe
Independent Analyst
-
Terra price continues to outperform the market and remains in a strong uptrend.
- The digital asset is in price discovery mode and faces no real resistance ahead.
- LUNA bulls are holding a key support level from which the digital asset continues to rebound.
Terra has been clearly outperforming the market in the past month, rising by about 160% since the beginning of March only. The uptrend is also extremely healthy with periods of pullbacks.
Terra price aims for $15 next as it faces no resistance ahead
On the 4-hour chart, terra price has been trading above the 26-EMA since the beginning of March which has served as a critical support level. LUNA has rebounded several times from this moving average.
LUNA/USD 4-hour chart
In the short-term, using the Fibonacci Retracement tool, we can determine the next potential price targets for the bulls. A breakout above the previous high of $12.9 will push LUNA towards $15 at the 127.2% Fibonacci level. Beyond this point, Terra price could climb up to $17.8 at the 161.8% level.
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