|

Terra Price Prediction: LUNA could skyrocket 40% after a minor correction

  • LUNA price has been on a tear as it saw a 200% bull rally in two weeks.
  • A 40% upswing to $19.98 seems likely after a slight correction to a confluence of support.
  • Invalidation of the bullish thesis will occur if Terra slices through the $14.22.

LUNA price saw a massive upswing in the last two weeks. The uptrend seems to be intact and could continue after a slight correction.

LUNA price on the verge of another run-up

LUNA price has seen a strong uptrend which has pushed it from $5 to almost $17, which is an impressive 3x returns in less than two weeks. Now, Terra price could correct to a crucial support barrier at 78.6% Fibonacci retracement level at $14.22 before going on another leg-up.

Bollinger Bands indicator shows an interesting relationship with LUNA’s corrective phases. Since February 28, almost every corrective wave has seen a prompt pullback to the Bollinger Bands’ middle line. If something similar were to happen, then Terra could drop to $14.22, a level that coincides with the 78.6% Fibonacci retracement extension, further adding credence to this thesis.

Naturally, a bounce from this point suggests that a retest of the all-time high at $16.78 is likely. A spike in buying pressure around this level could propel LUNA price to the 127.2% Fibonacci retracement level at $19.98, which is a 40% upswing from $14.22.

LUNA/USDT 4-hour chart

LUNA/USDT 4-hour chart

On the other hand, investors should note that the 40% upswing depends on buyers scooping up LUNA for a discount at the 78.6% Fibonacci retracement level. If market participants decide to book profits here, it could lead to a breakdown of the support barrier resulting in a 13% downswing to $12.27, which coincides with the 61.8% Fibonacci retracement level.

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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Top 3 Price Predictions: Bitcoin and Ethereum aim for breakouts as Ripple holds at $2

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds (ETFs).

Top Crypto Losers: Monero extends losses below $370 as Aster and Bonk risk record lows

Altcoins, including Monero (XMR), Aster (ASTER), and Bonk (BONK), are at risk of extending their losses as the broader cryptocurrency market stalls amid the dragging peace talks between Ukraine and Russia. 

Bitcoin Weekly Forecast: BTC slips under $90K, no santa rally in sight

Bitcoin traders are counting on a year-end rally, awaiting a return above the $100,000 milestone. Bitcoin-based investment products are struggling with declining inflows and weaker institutional demand, relative to the beginning of the year. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.