Terra's LUNA price could 10x if history repeats itself pt.2
- Terra's LUNA price has rallied 310% in just 24 hours.
- The $0.00000002 sats level has been breached, which could signal the market bottom is in
- Invalidation of the 10X thesis is a breach below $0.0000001 sats and the swing low at $0.99 from May 13.
Terra's LUNA Price accomplishes a 3x rally in 24 hours. A $100 investment made two weeks ago since posting the 10x thesis is now worth $400 and was valued at $980 on September 9th at 9:am
Terra's LUNA price shows strength.
Terra LUNA price has produced a jaw-dropping 200% rally as the bulls have charged forward, wiping out all of the previous e summertime highs. Last month a bullish thesis was proposed here at FXStreet, linforming investors that a 10X bull run could occur for the controversial crypto token. The sudden 3.1x spike is an optimistic gesture confounding the strength of Terra for the months to come.
LUNA price currently auctions at $4.86 as an expected profit-taking consolidation unfolds. The 8-day exponential and 21-day simple moving averages appear to have catalyzed the monsoon bullrun when a golden cross was produced on September 3 while LUNA traded near $1.75. Additionally the Relative Stregnth Index produced a Positive RSI Reversal sigfnal which gave confidence for sidelined investors to join the market.
LUNA USDT
A Fibonacci Retracement tool surrounding LUNA's first spike from $1.00 to $22.45 on May 31 shows the current market value facing rejection near the 50 and 61.8% retracement levels. The LUNA price must close above these levels on higher time frames to validate that this move is the start of the anticipated 10x bullrun.
Against the BTC, the Terra Classic produced a spike above the $0.00000002 sats level, the bullish signal the 10x thesis mentions to look for. S A dip back into $0.00000001 could be early evidence of a weakening trend. If the $0.00000001 SATS level is tagged, LUNA could be in a bearish predicament. The bears could forge a selling frenzy targeting the $1.00 low as a result, which would be an 80% decline from the current market value.
LUNA 10X Bullrun Thesis
In the following video, our analysts deep dive into the price action of LUNA, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
