Terra Price Analysis: LUNA Explodes 27% Closing The Gap To ATH AT $44
- Terra depends on support at $33 to resume the uptrend eyeing $40 and $44, respectively.
- A TD Sequential indicator buy signal on the daily chart affirms the bulls’ ability to gain ground to the record high.
Terra outperformed themselves following the crash to $25. Before the huge correction, LUNA has achieved a new all-time high at $44. Following the support at $25, investors took advantage of the lower price to increase their holdings amid Terra’s potential to rise to levels higher than the record high.
Despite the massive upswing, the weekly accrued loss still stands at 8%, according to CoinGecko. Nevertheless, LUNA has attracted $1.4 billion in trading volume traced across all know crypto exchanges. Terra is currently the 12th largest crypto asset with a market value of $13 billion.
Terra Uptrend Fades But Bulls Keep Eyes Glued To $44
Terra renewed the uptrend after spiraling to $25 within the confines of a descending parallel channel. The channel’s lower boundary reinforced this support, while a break above the middle layer triggered more buy orders, which accentuated the run-up to $34.
The 100 Simple Moving Average (SMA) put up a massive barrier, disallowing LUNA from carrying on with the uptrend to $40. At writing, LUNA is teetering at $33.5 amid a fierce battle between the bulls and the bears.
Terra will likely secure higher support at $33, an area hosting the 50 SMA. Marginally under this level, the 200 SMA is in place to ensure losses do not stretch further.
If LUNA wants to close the gap to $40 and get closer to $44, it must make a four-hour close above the 100 SMA. Besides, the Moving Average Convergence Divergence (MACD) has a vivid bullish outlook, following a recently sent buy signal.
Remember that the MACD tracks the trend of an asset and calculates the momentum. As the index crosses above the mean line, the odds favor the bulls, enhancing the uptrend.
LUNA/USD Four-Hour Chart
The TD Sequential indicator presented a buy signal on Terra’s daily chart, crediting the optimistic outlook. The bullish formation developed as a red nine candlestick anticipating a one to four daily candlesticks recovery.
Realize that the buy signal is recommended when the low of the sixth and seventh bar closes below the low of the eighth and ninth candles.
LUNA/USD Daily Chart
On the upside, a substantial resistance should be expected in the zone running from $38 to $40. Cracking through this area would quickly elevate Terra to $44.