• Terra price has rallied 10% in its quest to reach its all-time high at $34.78.
  • LUNA becomes one of the 19 cryptocurrencies to be added on Alto Crypto IRA.
  • The ascent to reach an all-time high is sprinkled with $30.55 and $32.35 resistance levels.

Terra price performance has been nothing short of impressive in the past couple of weeks. While many cryptocurrencies struggled to reclaim the pre-May 19 crash levels, LUNA set up a new all-time high.

Terra adoption continues to make headway

Alto CryptoIRA, a self-directed individual retirement account, recently announced the addition of Terra and 19 other altcoins to its platform. Other cryptocurrencies include Axie Infinity Shard (AXS), Chilliz (CHZ), Harvest Finance (FARM) and so on. 

Alto CryptoIRA aims “to provide cryptocurrency investors the tax advantages of an Individual Retirement Account (IRA) with the freedom to trade as you please.”

The announcement further adds,

Whether you choose a traditional crypto IRA, which offers tax-deductible contributions, or a Roth crypto IRA, which offers completely tax-free withdrawals upon eligibility, investing in crypto with an IRA means no reporting purchases, sales or trades on your taxes each year.

Terra has been on a blast in the second half of the bull run this year. Perhaps the most significant development is the integration with Wormhole, a bridge that connects the Terra, Ethereum, Solana and Binance Smart Chain ecosystems together.

LUNA price approaches crucial resistance level

LUNA price dropped roughly 26% from August 24 to August 26 from its all-time high at $34.78 to a stable support level at $26.86. While this downswing was observed due to the drop in the cryptocurrency ecosystem, Terra has bounced back quickly as it rose roughly 10% and shows signs of a further ascent.

However, investors need to pay close attention to the $30.75 and $32.35 resistance levels. Rejection at any of these levels will delay the uptrend.

For a retest of the all-time high, LUNA price needs to produce a decisive 6-hour candlestick close above $30.75, which will clear a major hurdle. Following this, Terra needs to slice through $32.35 to take a jab at the all-time high at $34.78.

LUNA/USDT 6-hour chart

LUNA/USDT 6-hour chart

While things seem to be going in favor of bulls, a breakdown of the $26.86 support level or the trading range’s midpoint at $25.64 will put LUNA price in jeopardy. 

However, if Terra sets up a lower swing below the 62% Fibonacci retracement level at $23.45, it will invalidate the bullish thesis and potentially trigger further descent.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: The monthly settle defines the next move

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: The monthly settle defines the next move

The crypto market is at a standstill going into the final days of November. The monthly price will likely depict price action for weeks to come, and the market could witness an uptick in volatility. Traders should keep their eye on the key levels identified for any last-minute moves.

More Bitcoin News

FTX Latest: Former CEO Sam Bankman-Fried explains reopening withdrawals of Bahamian arm

FTX Latest: Former CEO Sam Bankman-Fried explains reopening withdrawals of Bahamian arm

FTX Digital Markets filed for bankruptcy on November 16; however, withdrawals for some will be resumed temporarily. Former FTX head Sam Bankman-Fried attempted to inform Bahamian regulators beforehand but to no avail.

More Cryptocurrencies news

Arguing the case for a Cardano price pullback to $0.35

Arguing the case for a Cardano price pullback to $0.35

Cardano price has produced four lower highs throughout the month, with three connected by a recently breached trendline. A hurdle above $0.322 could create an additional 12% upswing. A four-hour candlestick close below the $0.304 level would invalidate the bullish potential.

More Cardano news

Luna Classic Price Prediction: 10% drop then a market reversal

Luna Classic Price Prediction: 10% drop then a market reversal

Terra's Luna Classic price has been trading range bound for over a week. The consolidating range has produced higher highs and higher lows following each change of trend. A breach of $0.0001690 would invalidate the bearish triangle thesis.

More Luna Classic news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP