Terra Price Forecast: LUNA’s 3-Weeks Winning Streak Touches Record High At $24
- Terra rallies for three continuous weeks to trade a new all-time high at $23.8.
- Investors look forward to the next liftoff to $30, especially if support above $20 is reinforced.
- The bullish outlook, as confirmed by the MACD and the RSI, will likely last longer.
Terra continues to impress and reward investors amid the crypto rally back to the peaks seen in May. The token has recovered all the losses accrued following the selloff three months back.
Live price data by CoinGecko shows the token trading at $22, following a 31% growth in 24 hours. The weekly accrued gains have consolidated to 62%. LUNA attracted $970 million in trading volume, tracked from all know crypto exchanges. With a market cap of $8.9 billion, Terra is currently the 22nd largest cryptocurrency in the market.
Terra Price Uptrend Stalls But Remains Steady
Terra gained ground to touch the peak in May at $23.3. Intriguingly, the candlewick stretched, almost touching. However, the uptrend paused as bulls abated, perhaps to gain more strength for another leg up toward $30.
LUNA is currently holding above $22 while bulls plan how to stage another rally. All the short-term trend indicators have aligned in support of the bullish outlook. Despite the Relative Strength Index overbought, the uptrend seems intact. Note that the RSI follows the asset’s trend and measure the strength of the bulls and the bears.
A consistent upward move hints at the asset staying northbound. Hence, Terra has the potential to trigger another leg up as the bullish grip tightens, as per the RSI.
LUNA/USD Daily Chart
Simultaneously, the Moving Average Convergence Divergence (MACD) indicator adds credence to the optimistic outlook. Following a buy signal first present in early June and later reinforced in July, the odds for a rally surged. As the MACD moves higher above the mean line, the bullish confidence increased.
It is worth mentioning that another bullish formation recently appeared as the 50 Simple Moving Average (SMA) crossed above the 100 SMA. While this technical outlook is not a golden cross, it is considered a bullish signal, cementing the bulls’ position in the market.
Subsequently, a golden cross pattern may appear in the next few days, according to the daily chart. The 50 SMA continues to close the gap to the 200 SMA, and if it crosses above it, we can expect more gains to be triggered as Terra lifts from the Launchpad to the moon.