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.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA braces for a test of $2 amid a potential bull pennant

Cardano (ADA/USD) is extending its recovery this Sunday after a sharp sell-off witnessed a day before. ADA/USD charts a bull pennant on the 12H chart.  A test of the $2 mark appears inevitable if the bullish pattern is confirmed. RSI has regained upside momentum, well above 50.00.

More Cardano News

XLM Price risks further falls towards $0.53 amid double top reversal

XLM/USD is falling for the third straight day on Sunday. $0.53 support appears at risk after the double top reversal on the 1D chart. RSI points south towards the midline as the XLM price eases from record highs.

More Stellar News

Dogecoin: Defending 21-DMA is critical after Musk calls it a ‘hustle’

Elon Musk's appearance on 'SNL' throws DOGE under the bus. DOGE/USD extends sell-off into Sunday, hitting five-day lows. DOGE bulls remain hopeful as 21-DMA support holds, with RSI still bullish.

More Dogecoin News

Ethereum bulls gather strength for a sustained break above $4000

Ethereum bulls take a breather after Saturday’s $500 rally to record highs. The No. 2 coin eyes additional upside after rising wedge breakout on the 4H chart. RSI is in the overbought region, dip buying to keep the uptrend intact.

More Ethereum News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast