|

Terra Price Prediction: LUNA bulls to set new highs at $60

  • Terra price has recently flipped the $48.39 resistance barrier into a support floor, indicating the start of a new uptrend.
  • This move will soon follow a 20% upswing to $61.92, where LUNA will set a new all-time high.
  • A breakdown of the $46.20 support floor will invalidate the bullish thesis.

Terra price was stuck under a crucial resistance level for roughly a month, preventing it from any gains. However, on November 4, LUNA breached this barrier, kick-starting an upswing. This move will likely continue, helping the altcoin set a new all-time high.

Terra price to enter unexplored territory

Terra price set up a new all-time high at $49.57 on October 4 but closed the four-hour candlestick at $48.39. Since then, LUNA tried to overcome this barrier four times but failed each time, making it a stiff resistance level.

However, on November 4, Terra price saw a massive surge in buying pressure that pushed it past this hurdle, kick-starting a 15% ascent that set up a new high at $53.29. Since then, LUNA has dropped 10%, but the recovery is going well and shows promise of continuing this uptrend.

In this case, investors can expect Terra price to make a run at the 161.8% trend-based Fibonacci extension level at $61.92 after a 20% ascent from its current position.

Although LUNA could extend its upswing, market participants should exercise caution as the volatility is typically high during the weekends. 

LUNA/USDT 4-hour chart

LUNA/USDT 4-hour chart

While things are looking up for Terra price, a breakdown of the $48.39 resistance barrier will indicate indecision and weakness among buyers. This move will suggest that a further downtrend is likely.

If LUNA bulls recover quickly to make a comeback, the upswing will likely continue. However, a breakdown of the subsequent support floor at $46.20 will invalidate the bullish thesis for Terra price.

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.

More from Akash Girimath
Share:

Editor's Picks

Ripple falters amid sell-off jitters and negative funding rates

Ripple (XRP) has come under pressure, drifting lower to $1.35 at the time of writing on Tuesday. The over 2% correction looks poised to erase the previous day’s gains, which lifted the remittance token to $1.42.

Bitcoin could risk $50,000 amid the US-Iran war, mirroring the Russia-Ukraine war losses

Bitcoin (BTC) remains at downside risk amid escalation in the Middle East war, as Iran retaliates against the US, Israel, and its neighbouring countries. Drawing parallels to the early days of the Russia-Ukraine war, Bitcoin could extend losses below $60,000. 

Crypto Today: Bitcoin, Ethereum, XRP pull back as sentiment remains in extreme market fear

The cryptocurrency market is broadly in the red on Tuesday as the Middle East grapples with an escalating war. Bitcoin (BTC) is in a pullback, trading below $67,000 at the time of writing, and most altcoins follow suit.

Bitcoin slips below $67,000 as risk-aversion grows amid escalating US-Iran war

Bitcoin price slides 3% on Tuesday, nearly erasing the previous day's rebound. US-listed spot ETFs recorded an inflow of more than $450 million while Strategy added 3,015 BTC on Monday.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.