|

Terra's LUNA price re-routes south, here's what changed

  • Terra's LUNA price prints a bearish engulfing candlestick on the monthly chart.
  • LUNA price saw rejection at the 2.70 barrier, which provoked bearish traders to add pressure.
  • Invalidation of the bearish downtrend is a breach above $2.82.

Terra's LUNA price sees sudden rejection and a bearish monthly close. Investors should consider additional drops in the LUNA price throughout the summer,

Terra's LUNA price ends the party short

Terra's LUNA price began to show optimistic signs amongst investors as the bulls were finally able to breach above the $2.50 barrier towards the final days of June. Unfortunately, on the day of June's monthly settlement, kamikaze traders showed up to short the controversial digital currency last minute, wiping all of the celebratory gains established.

LUNA price at the current time of writing trades at $2.06. The bears have wiped 36% of profit since the newfound high at $2.82 occurred on June 29. A large piercing cable stick through the $2.50 barrier, followed by consecutive doji hammer sticks, signals bearish strength as bulls have difficulty producing a substantial retaliation. A breach below $2.00 could be the catalyst to another LUNA liquidation targeting $1.50 and potentially the VPOC at $.59 sometime during the summer. 

tm/luna/7/1/22

LUNA/USDT 1 Month & 12-Hour Charts 

Bullish trailers should consider staying out of the way unless another bullish breakout occurs.

Invalidation of the beamish trend is a breach above the swing high at $2.82. If the bulls can hurdle this barrier, they may be able to rally as high as $3.50, resulting in a 77% increase from the current Terra LUNA price.


 

Author

Tony M.

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.

More from Tony M.
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP rebounds amid ETF inflows and declining retail demand demand

XRP rebounds as bulls target a short-term breakout above $2.00 on Friday. XRP ETFs record the highest inflow since December 8, signaling growing institutional appetite.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

World Liberty Financial recovers as community votes to unlock treasury funds for USD1 adoption

World Liberty Financial recovers over 3% on Friday, holding ground at a key support trendline. Community begins voting to unlock roughly 5% WLFI treasury funds to incentivize USD1 stablecoin adoption.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid bearish market conditions

Bitcoin (BTC) is edging higher, trading above $88,000 at the time of writing on Monday. Altcoins, including Ethereum (ETH) and Ripple (XRP), are following in BTC’s footsteps, experiencing relief rebounds following a volatile week.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.