Terra’s LUNA price finally shows the buy signal you’ve been waiting for
- Terra’s LUNA price is beginning to turn in favor of the bulls on the 8-hour chart.
- LUNA price sees an uptick in social media commentary.
- A breach below $2.00 could be the catalyst to invalidate the bullish uptrend.
Terra’s LUNA price shows optimism to start the final week of June. The potential for a new bull run is beginning to materialize.
Terra’s LUNA price shows “any publicity is good publicity”
Terra’s LUNA price has investors enthralled as the LUNA price has suddenly risen from the shackles it has been held captive by. Throughout the entire third week of June, the bulls saw no hope as the LUNA price traded tortoise-like just below the $2.00 barrier. Now the bulls have breached the psychological barrier and are displaying a subtle turn in the market that could trigger a FOMO-induced rally.
Terra’s LUNA price at the time of writing trades at $2.57 as the bulls have flexed a bullish engulfing candlestick pattern on the 8-hour chart. If the momentum is genuine, this month could be the last time investors will see a two-dollar LUNA token, as magnet-like price levels lie in the three-dollar vicinity.
LUNA/USDT 8-Hour Chart
Amidst the potential uptrend, social media has shown an uptick in commentary, contributing to the newfound volatility prevalent in the Terra LUNA price. One focus comes in response to the infamous social justice advocate Anonymous calling out Terra LUNA’s CEO Do Kwon for corruption and malpractice. The group vows to bring justice to the crypto community after the multi-billion dollar loss endured by LUNA and UST Stable Coin investors in the spring of 2022.
The other focus on social media is support from community members praising Do Kwon for stepping into the limelight with confidence and vowing to make LUNA 2.0 a more secure community-serving platform. Although groups within the LUNA community question Kwon’s integrity, his controversial public appearance brings more attention to the Terra platform, vindicating the old saying “any publicity is good publicity”.
On Monday, June 27, the bulls invalidated the bearish thesis mentioned in previous outlooks by breaching $2.35. A retouch of $2.00 will now be the bullish invalidation level for the uptrend scenario. A break below and retest at $2.00 could trigger a seller’s frenzy targeting $1.25, amounting to a 50% decrease from the current Terra LUNA price.
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.
