|

Terra LUNA Price Prediction: LUNA headed back to $2.00

  • Terra's LUNA price loses support from two significant moving averages.
  • LUNA price has tagged oversold levels on the Relative Strength Index.
  • Invalidation of the bearish trend is a breach above $2.67.

Terra's LUNA price appears to be at the beginning of a developing impulse Elliott wave headed south. Key levels have been defined.

LUNA price may slip back to $2.00

Terra's LUNA price could continue declining as market conditions signal bearish control. On October 17, the bulls lost support from the $2.65 level, which has kept prices afloat throughout the month. The move south was catalyzed by rejecting the 8-day exponential moving average. The decline also breached the 21-day simple moving average with little hesitation.

LUNA price currently trades at $2.53. During the New York trading session, the bears established consecutive bearish engulfing candles. The Relative Strength Index compounds the idea of a stronger decline in the works as the bears have breached through oversold levels. 

tm/luna/10/18/22

LUNA/USDT 3-Hour Chart

If market conditions are genuinely bearish, the LUNA price will not be able to reconquer the 8-day EMA as support near the $2.66 level. A continuation of the downtrend could be catalyzed by a second attempt at the recently established low at $2.50. Bearish targets lie near the $2.00 liquidity level. 

Invalidation of the bearish trend remains at $2.67. If the bulls do conquer the barrier, they could trigger a bull run toward $5.00, resulting in a 100% increase from the current LUNA price. 

In the following video, our analysts deep dive into the price action of LUNA, analyzing key levels of interest in the market. -FXStreet Team


 

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Ripple and Stellar outlook: XRP rally cools, XLM heads toward a make-or-break support

Ripple and Stellar trade under pressure after losing over 2% and 3% so far this week. XRP and XLM are both nearing their crucial support zones, which could determine the next directional move. Meanwhile, mixed derivatives and on-chain data suggest upside potential remains limited for both altcoins. CryptoQuant’s summary data shows cautious signs for both altcoins.

Crypto Overview: Bitcoin dips below $78,000 – NEAR, ZEC sustain gains

Bitcoin trades below $78,000 maintaining a near-term corrective tone amid hawkish macroeconomic factors. US bond market shrugs off the US Treasury's increase in buyback operations to $6 billion in long-term debt as yields continue to rise, signaling an insufficient step amid the ongoing war with Iran.

Bitcoin outperforms global assets as $83K-$86K resistance zone continues to weigh on rally

Bitcoin has continued to recover from its mid-year weakness, outperforming major traditional assets over the past month, amid strong resistance around the $83,000 to $86,000 range. BTC gained 23% over the past 21 trading sessions, while the S&P 500 and Nasdaq 100 were broadly flat and the Euro Stoxx 50 declined, according to a Glassnode report published Wednesday.

Ethereum Price Forecast: ETH holds near $2,500 amid derivatives weakness
Ethereum (ETH) holds steady near $2,500 on Wednesday amid weakness in derivatives and mild buying dominance in spot markets. Since the short squeeze that expanded ETH's rally toward $2,500 in late August, meaningful leverage has yet to return to support the uptrend.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.