- Terra’s LUNA price is beginning to turn in favor of the bulls on the 8-hour chart.
- LUNA price sees an uptick in social media commentary.
- A breach below $2.00 could be the catalyst to invalidate the bullish uptrend.
Terra’s LUNA price shows optimism to start the final week of June. The potential for a new bull run is beginning to materialize.
Terra’s LUNA price shows “any publicity is good publicity”
Terra’s LUNA price has investors enthralled as the LUNA price has suddenly risen from the shackles it has been held captive by. Throughout the entire third week of June, the bulls saw no hope as the LUNA price traded tortoise-like just below the $2.00 barrier. Now the bulls have breached the psychological barrier and are displaying a subtle turn in the market that could trigger a FOMO-induced rally.
Terra’s LUNA price at the time of writing trades at $2.57 as the bulls have flexed a bullish engulfing candlestick pattern on the 8-hour chart. If the momentum is genuine, this month could be the last time investors will see a two-dollar LUNA token, as magnet-like price levels lie in the three-dollar vicinity.
LUNA/USDT 8-Hour Chart
Amidst the potential uptrend, social media has shown an uptick in commentary, contributing to the newfound volatility prevalent in the Terra LUNA price. One focus comes in response to the infamous social justice advocate Anonymous calling out Terra LUNA’s CEO Do Kwon for corruption and malpractice. The group vows to bring justice to the crypto community after the multi-billion dollar loss endured by LUNA and UST Stable Coin investors in the spring of 2022.
The other focus on social media is support from community members praising Do Kwon for stepping into the limelight with confidence and vowing to make LUNA 2.0 a more secure community-serving platform. Although groups within the LUNA community question Kwon’s integrity, his controversial public appearance brings more attention to the Terra platform, vindicating the old saying “any publicity is good publicity”.
On Monday, June 27, the bulls invalidated the bearish thesis mentioned in previous outlooks by breaching $2.35. A retouch of $2.00 will now be the bullish invalidation level for the uptrend scenario. A break below and retest at $2.00 could trigger a seller’s frenzy targeting $1.25, amounting to a 50% decrease from the current Terra LUNA price.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.