Terra Price Forecast: LUNA Taps The Uptrend’s Lifeblood Taking Off To $20
- Terra price soars 24% in 24 hours to exchange hands at $11.5.
- As Luna settled above the 200 SMA, the odds for a sustained uptrend shot up.
- Overbought conditions as per the RSI could gradually give way to a correction.
Terra appears to have ascended the throne of the best-performing altcoin in the top 50. While other crypto assets grapple with critical barriers, jeopardizing the weekly gains, LUNA has soared over 24% to trade at $11.5.
The token has plunged to $4 in May, hitting extremely oversold levels for the first time this year. Nonetheless, Terra did not stay oversold for long as bulls immediately launched a recovery mission. However, this recovery could not make it above $8.5 amid a generally consolidating cryptocurrency market, mainly in June.
Terra price Uptrend Unstoppable
July has been remarkably yielding for Terra, especially after slicing above the multi-month descending trendline. More buy orders were also triggered after lifting past the 50 Simple Moving Average (SMA) and the 100 SMA.
Intriguingly, the gains have made it above the 200 SMA, a move that may catapult LUNA significantly toward $20. At the time of writing, bulls feel entirely in control, and their primary goal is to secure higher support above $11.
LUNA/USD 12-hour chart
The short-term technical picture ascertains the impressive breakout. A bullish impulse from the Moving Average Convergence Divergence (MACD) indicator keeps calling more people to join the market to take advantage of the possible recovery to $20. Moreover, the MACD lifts higher above the mean line, the odds for a continued uptrend escalate.
At the same time, the bulls’ vivid aggressiveness is reflected by the Relative Strength Index (RSI). The trend-following tool also measures the strength of either bulls or bears. For now, buyers have the upper hand, as seen with the RSI’s movement into the overbought region. Perhaps a break above $15 will confirm the breakout heading to $20.
The SuperTrend indicator has confirmed the bullish outlook after presenting a buy signal on the 12-hour chart. This call to buy shows that Terra’s path with the slightest resistance is upward. It also compels investors to go all-in on the token, anticipating gains heading to $20.
LUNA/USD 12hour chart
It is worth mentioning that the RSI is oversold, and a correction could lurking in the corner. Therefore, the recovery to $20 is not set in stone, and investors should proceed with caution. Similarly, failure to secure support at $11 and the 200 SMA could see an overhead pressure surge. Thus, pulling Terra under $10 and $8, respectively.