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Terra’s LUNA 2.0 price shows a clear signal for the direction of its trend

  • Terra price action reveals a playbook trade setup.
  • LUNA price is set to fall at least another 16% towards base support.
  • Expect a possible slaughter in the coming weeks as cash volumes keep diminishing.

Terra (LUNA) price action is starting to reveal its next playbook move and it could not be more clear-cut with the formation of a bearish triangle pattern. Expect to see pressure mounting further on the base, triggering a possible break to the downside. Given global headwinds are not set to fade anytime soon, expect to see further drops in price action towards possibly just a few cents from the initial offering price.

LUNA price screams sell

Terra price is set to tank another leg lower and could well be on track towards a quotation of just a few cents. As the plane called Terra is trying to make a soft landing, it is just a matter of time before the fuel (the cash) runs dry. With households and retail traders seeing less and less disposable income because of higher prices eating into their household budgets, less money is available to allocate towards cryptocurrency investments. 

LUNA price is thus possibly in for a hard landing, as to make matters worse, now a bearish triangle is forming that screams that the pain game and the overall descent are far from over. Expect to see more pressure mounting on $1.9370, with the intermediary red tilted trend line over the top to provide a cap. Once bulls forfeit their positions at $1.94, expect to see bears piercing through that level and possibly running price action to the downside towards $1.50 or $1.00 before restarting a new distribution phase with some sideways price action and possibly another bearish formation to prelude the next leg lower. 

LUNA/USD daily chart

LUNA/USD daily chart

Should a turnaround be triggered by a relief headline, on the other hand, or some data released that points to the fact that inflation is starting to drop, expect a bullish knee jerk reaction with a break above the red descending trend line. From there, the price could quickly rally towards $3.50 and pop 45% higher as bulls jump on the buy signal. Depending on the longevity or game-changer aspect of the headline, $3.80 could also be tested.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

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