- The Terra Luna price surged over the weekend and had risen by over 12% on Friday.
- The current session sees LUNA down by over 2% after it had hit an intraday low of $72.
The Terra Luna price is down by over 2% during the ongoing session, as sellers managed to reverse its recent bullish trend. LUNA has been relatively bullish during the week and had pushed above the 50-day SMA on Thursday, rising to $65.20. LUNA continued to push higher on Friday as it surged by over 12%, moving to $73.14. The weekend saw the bullish sentiment persist, as the price rose by almost 7% on Saturday before dropping back during the ongoing session.
Terra Luna Price Chart Indicates LUNA Looking To Recover Lost Ground
The Terra Luna price got the previous weekend underway on a relatively muted note, registering a marginal increase on Friday. However, LUNA fell into the red over the weekend, registering a marginal drop on Saturday and then slipping below the 200-day SMA on Sunday, ending the weekend at $49.30. LUNA recovered on Monday, registering an increase of 1.77$, moving to $50.17. Tuesday saw LUNA register a strong recovery, as it pushed past the 200 and 20-day SMAs, rising to $54.78 after an increase of over 9%.
Image: LUNA/USD daily
After rising to $54 on Tuesday, the Terra Luna price continued to push higher, rising by almost 9% on Wednesday and moving to $59.61. Thursday saw LUNA register an increase of over 9%, pushing above the 50-day SMA, moving to $65.20. LUNA then surged over 12% on Friday, pushing to $73.14 and then moving to 78.13 on Saturday after registering an increase of almost 7%. However, the current session sees LUNA in the red, as sellers pushed the price down.
As indicated by the RSI, we can see that LUNA had moved above the neutral zone. As a result, we could expect the price to drop over the short term before recovering.
More On Terra: Will LUNA Rise In Value?
Image: LUNA/USD 4-hour
Looking at the 4-hour Terra Luna price chart, we can see that LUNA had dropped to $48.85 on the 22nd, slipping below the 20-bar SMA. LUNA made a strong recovery from this level, pushing above all three SMAs, and surging to $59.95 on the 23rd. The price fell back from this level, dropping below the 200, 20, and 50-bar SMAs to $52.61. LUNA recovered strongly from this level, surging past all three SMAs and moving to $67.57 on the 25th. After registering a marginal drop, LUNA surged again, as it rose to $78.13 on the 27th, before dropping back to its current level of $75.
We can see that LUNA had pushed above the neutral zone, as indicated by the RSI. We could see the price drop marginally before making a recovery.
Terra (LUNA) Sees Highest Percentage Of Fanfare Activity Since October — Emerges As Best Performer Of The Week
Historical data has always shown a close correlation in the social media coverage of major cryptocurrencies and their price dynamics. In most cases, more active discussions on social media platforms lead to the growing demand for such crypto assets. Recent data show crypto proponents are increasingly expressing a higher interest in Terra (LUNA) since October 2021 despite the overall decline in the crypto market.
According to the social media statistics offered by Santiment’s analysts, the frequency of LUNA’s mentions on social media has reached a record high as its price continues to rally. The most probable explanation is a time lag between the growing users’ interest and price changes.
Based on this metric, a significant (at least 20%-30%) growth of LUNA’s price looks highly feasible in the quarter. Available historical data confirms the reliability of this indicator that results in superb performances. Trending cryptocurrencies tend to onboard more curious users, thus increasing mainstream reach. This bullish impulse is likely to boost LUNA past the current resistance level in the charts and ignite a positive cycle.
The correlation between Terra (LUNA) and the dynamics of the entire crypto market creates additional perils to the above expectations. If the market valuation of Bitcoin or Ethereum plunges in the coming days, the panic would affect most major cryptocurrencies. Although such risks exist, they are more downward for LUNA compared with other crypto assets because Terra also develops the UST stablecoin.
Consequently, the demand for LUNA is also likened to the need for stablecoins that continue being in high demand even during periods of market decline. Attracting an additional $1 billion in direct investments from strategic partners like Jump Crypto and Three Arrows Capital also confirms that LUNA has sufficient resources for introducing innovations in its ecosystem.
LUNA Price Is Expected To Reach These Levels
Looking at the Terra Luna price chart, we see that LUNA had been extremely bullish over the past few sessions before dropping back during the current session. If the bearish sentiment persists, LUNA could drop below $75, but if the price recovers, we could see it push towards $80.
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