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Terra Price Forecast: LUNA nears the halfway point of its 20% ascent

  • Terra price has risen above a resistance barrier at $52.23, hinting at the start of a new uptrend.
  • Investors can expect LUNA to continue this ascent and retest the daily supply zone, extending from $62.76 to $70.52.
  • A breakdown of the $47.28 support level will invalidate the bullish thesis.

Terra price struggled to recover after slipping below a stable support level on February 11. This downswing took its time but stabilized and resulted in an uptrend. So far, LUNA is nearing the halfway point of the upswing journey.

Terra price to continue its ascent

Terra price has been on a rollercoaster of a ride since January 21. Its most recent downswing on February 12 shattered the $52.23 support level briefly but recovered quickly suggesting that bulls are in control.

The recovery rally has pushed LUNA up by 13% and is likely to continue this uptrend until it encounters the weekly resistance barrier at $62 or the daily supply zone, extending from $62.76 to $70.52. 

Interested investors can position themselves for this rally by opening a long position from the current market price - $55.50 and book profits at $62 or the demand zone’s lower limit at $62.76.

While it is unlikely, a massive surge in buying pressure that pushes Terra price to produce a four-hour candlestick close above $70.52 will indicate that bulls want to move higher. In this case, LUNA could make a run at the three-day resistance barrier at $74.37, bringing the total ascent to 33%.

LUNA/USDT 1-day chart

LUNA/USDT 1-day chart

On the contrary, if Terra price fails to maintain its bullish momentum, it will return to $52.23, where a proper base can be established if buyers band together. Failing to do so, however, could result in a further correction to $47.28, where sidelined investors will have a second chance.

A four-hour candlestick close below $47.28 will create a lower low, invalidating the bullish thesis. This development could see Terra price revisit the weekly support level at $43.56.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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