Terra LUNA price pulls off a 10% weekend pump, heres what could happen next
- Terra LUNA price rallies 10% in one hour on October 23, 2022.
- A massive influx of volume has entered the market.
- Invalidation of the uptrend is a breach below $2.21.
Terra LUNA's price demonstrates an applaudable retaliation against last week's downtrend. Key levels have been identified to gauge the strength of the move.
Terra LUNA price fights back
Terra LUNA'S price has recently been taken by surprise as the digital currency has rallied 10% within an hour. The move was catalyzed by a subtle bullish divergence on smaller time frames enabling weekend bulls to press the gas.
LUNA price now auctions at $2.52. A massive bullish engulfing candle has been established on the 1-hour chart, which accompanies an impressive influx of volume. If the technicals are as genuinely bullish as they appear to be, the bull should be able to rally into higher zones for an additional 10-15 % increase. Currently, the 8-day exponential and 21-day simple moving averages are resistance barriers that could prevent additional gains from occurring.
LUNAUSDT 1-Hour Chart
Invalidation of the uptrend is a breach below the origin point of the rally of $2.21. If the bears tag this level, LUNA price will likely fall towards the psychological $2.00 level resulting in a 10% decrease from the current market value.
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.
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.
