Terra Price Prediction: LUNA needs to overcome this barrier for new all-time high at $40

Terra price has been trying to recuperate from losses after September 7 crash.
LUNA needs to clear the $33.50 resistance level to have a chance of retesting the all-time high.
A breakdown below $26.86 will invalidate the bullish thesis and trigger a downswing.

Terra price witnessed a massive dip after the September 7 crash, which undid half the gains seen over the past month. However, this crash was cut short due to buying pressure. Now, a recovery seems to be in progress.

Terra price eyes new all-time highs

Terra price dropped roughly 35% between September 6 and September 7. Almost half of the sell-off is already recovered due to the uptrend, and more seems to be on its way. While this is bullish, LUNA needs to produce a decisive 4-hour candlestick close above two barriers at $30.76 and $32.35 to face a stiff resistance level at $33.50.

If the bulls want to retest the all-time high at $36.93, the said barrier at $33.50 needs to be flipped into a support floor. This development will open up the space for LUNA bulls to not only retest the current all-time high but set up a new one.

A potential spike in buying pressure at $36.93 will push Terra price up by 12% to a new all-time high at $41.55.

LUNA/USDT 4-hour chart

Terra price has its work cut out for it. The bulls need to clear the $33.50 resistance level to have any chances of rising higher. However, failure to do so might result in a downswing to $26.86 support levels.

If this key demand barrier is breached with a 4-hour candlestick close below it, the bullish thesis will face invalidation. In such a case, LUNA might revisit the September 7 swing low at $22.58.

Share: Cryptos feed

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.