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Terra Price Prediction: LUNA bulls continue to defy mounting overhead pressure

  • Terra price shows immense buying pressure that has resulted in a 310% bull rally.
  • During this run-up, LUNA has ignored two “top signals” by the Momentum Reversal Indicator (MRI).
  • In case of an upswing, MRI’s breakout line at $22.8 will serve as a stiff resistance barrier.

Terra price has seen an explosive rally defying technical indicators’ signals. Now, LUNA stands at crossroads, waiting for another leg up.

Terra price at crossroads

Terra price has ignored all technical indications of a “cycle top” as FOMO gripped investors. The recent launch of Anchor Protocol has also played a crucial role in propping up LUNA’s market value.

MRI has once again flashed a reversal sign in the form of a red one candlestick on March 16, suggesting that the current cycle has reached its top. This setup forecasts a one-to-four candlestick correction. However, Terra price ignored this signal and surged 9%.

LUNA is also trading just above the 161.8% Fibonacci retracement level at $20.24. A decisive 12-hour candlestick close above this might allow the bulls to prop up Terra price by 12.5% to the breakout level at $22.8.

Here, the bulls will face a test of their strength. If LUNA price manages to close above this level, an explosive 10% rally could push it to $25.3.

LUNA/USDT 12-hour chart

LUNA/USDT 12-hour chart

Investors should note that Terra price rally shows signs of overextension. Hence, a failure to close above $20.24 or rejection at the $22.8 level will result in a retracement to $17.9 or $16.5.

If market participants continue to book profits, LUNA price could slide to a stable demand barrier at $14.

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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