Terra price presents buy opportunity as LUNA eyes $90
|- Terra price upswing slows down as it approaches the $62.76 to $70.52 supply zone.
- Flipping this hurdle into a foothold will likely trigger a run-up to $87.85.
- A breakdown of the $47.28 support level will invalidate the bullish thesis for LUNA.
Terra price has witnessed five consecutive green candlesticks since February 3, signaling a surge in bullish momentum. The February 8 candlestick seems to be breaking the streak, however, hinting at a potential retracement before a new leg-up.
Terra price likely to pull back
Terra price surged 31% between February 3 and February 7, as the crypto markets turned bullish. This uptrend slithered close to the weekly resistance barrier at $62 and a supply zone that stretches from $62.76 to $70.52.
Due to these hurdles, there is a chance that LUNA will retrace to the immediate support level at $52.23 while bulls recuperate. A bounce off this barrier will be the key in triggering a massive run-up that slices through the aforementioned supply zone. Interested individuals can open a long position here.
A daily candlestick close above $70.52 will flip the hurdle into a foothold, paving the way for Terra price to make a run for the 3-day resistance barrier at $74.34, where partial profits can be booked. Clearing this blockade will allow LUNA to retest the $87.85 ceiling, bringing the total run-up to 67%.
LUNA/USDT 1-day chart
On the other hand, if Terra price shatters the $52.23 support level, it will indicate an increase in sell-side pressure. A daily candlestick close below $47.28, however, will create a lower low and invalidate the bullish thesis.
In this situation, Terra price could tag the weekly support level at $43.56, where buyers can attempt a comeback.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.