Terra’s LUNA price needs to make a decision soon, here’s why
- LUNA price has strong confluence targets in the $0.60 level.
- Terra's LUNA price trades tug-of-war like just below $2.00.
- Invalidation of the bearish trend could be a breach above $2.35.
Terra’s Luna price is in jeopardy and will need to make a turn in the market soon jo justify any bullish outlook for the long-term.
LUNA price is stuck in limbo
LUNA price continues mundane price action as a standstill ensues.The lack of momentum is a bearish confluence signal as the $0.59 level remains a significant level of interest for bears in the market.
Terra's LUNA price currently trades at $1.95, as the controversial cryptocurrency sees relatively no support from the bulls just under the $2.00 price level. It is likely that investors prefer to see a substantial breach above the $2.30 zone before jumping into the market for upside gains.
LUNA/USDT 1-Hour Chart
If market conditions persist, the bears coul trigger a sell-off into the $1.65 zone to mitigate order blocks established on June 18. Realistically, traders should consider looking for better opportunities as the uncertainty for LUNA lingers. Terra's Ceo Do Kwon vows to return the LUNA price to levels before the UST Stablecoin crash, but at the current time, his vows are unfulfilled.
Invalidation of the bearish downtrend could be a breach above $2.35. If the bulls can breach this level, they may be able to reconquer the $3.00 price zone, resulting in a 30% increase 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.
