Terra price presents buy opportunity as LUNA eyes $90
- Terra price upswing slows down as it approaches the $62.76 to $70.52 supply zone.
- Flipping this hurdle into a foothold will likely trigger a run-up to $87.85.
- A breakdown of the $47.28 support level will invalidate the bullish thesis for LUNA.
Terra price has witnessed five consecutive green candlesticks since February 3, signaling a surge in bullish momentum. The February 8 candlestick seems to be breaking the streak, however, hinting at a potential retracement before a new leg-up.
Terra price likely to pull back
Terra price surged 31% between February 3 and February 7, as the crypto markets turned bullish. This uptrend slithered close to the weekly resistance barrier at $62 and a supply zone that stretches from $62.76 to $70.52.
Due to these hurdles, there is a chance that LUNA will retrace to the immediate support level at $52.23 while bulls recuperate. A bounce off this barrier will be the key in triggering a massive run-up that slices through the aforementioned supply zone. Interested individuals can open a long position here.
A daily candlestick close above $70.52 will flip the hurdle into a foothold, paving the way for Terra price to make a run for the 3-day resistance barrier at $74.34, where partial profits can be booked. Clearing this blockade will allow LUNA to retest the $87.85 ceiling, bringing the total run-up to 67%.
LUNA/USDT 1-day chart
On the other hand, if Terra price shatters the $52.23 support level, it will indicate an increase in sell-side pressure. A daily candlestick close below $47.28, however, will create a lower low and invalidate the bullish thesis.
In this situation, Terra price could tag the weekly support level at $43.56, where buyers can attempt a comeback.
Author
Akash Girimath
FXStreet
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.
