- LUNA price rose past the $52.23 resistance barrier, suggesting a new upward trend.
- Investors may expect Terra to extend its ascent, retesting the daily supply region, stretching between $62.76 and $70.52.
- Violating the support barrier at $47.28 will ruin LUNA’s bullish thesis.
Terra (LUNA) struggled to rise after plunging beneath a steady support zone on 11 February. Though the downswing took time, it stabilized, resulting in upside actions. So far, Terra nears the halfway level of the upward journey.
LUNA to Continue Surging
LUNA has recorded roller-coaster price actions since 21 January. The 12 February downswing saw the alternative coin shattering the support level at $52.23 before a quick recovery that suggested bulls in control.
The recovery actions pushed LUNA high by 13%, and the token seems ready to continue upside until meeting the weekly resistance zone near $62 or the 24hr supply territory that extends between $62.76 and $70.52.
Interested market players can capitalize on the rally by executing long positions around the current price of $55.50 and take profits near the demand region’s lower limit, or $62.
Though unlikely, a colossal increase in buying momentum that pushes LUNA to form a 4hr candle close beyond $70.52 will authorize bulls’ commitment to climb higher. In such a scenario, LUNA might surge towards the 3-day resistance zone at 474.37, translating to a 33% total ascent.
Contrarily, Terra losing the bullish momentum will trigger a dip towards $52.23. Buyers can gang up at this level to form a sturdy base. However, failure to do that will lead to further retracements towards $47.28, the area where sidelined traders can join.
A 4-hour candle close under $47.28 will see LUNA forming a lower low. That would invalidate Terra’s bullish case. Such a development might witness LUNA’s price revisiting the weekly support at $43.56. For now, LUNA bulls need to keep the altcoin beyond the $47.28 mark to prevent downtrends.
Meanwhile, the current positive sentiment in the crypto market can help LUNA towards its higher highs. While publishing this news, top crypto assets traded in the green. Maintaining such biases will boost Terra’s upward movements.
Editorial credit: Casimiro PT / shutterstock.com