- Terra's LUNA price has seen mundane price action since the relaunch occurred on May 31.
- A Value Point of Control points to $0.59 as a potential bearish target.
- Invalidation of the bearish continuation pattern is a breach and close above $2.70.
Terra’s LUNA price has a fixed range indicator hinting at a $0.59 target which could be the reason why bears have not yet released their shorts.
Terra's LUNA price signals concern
Terra's LUNA price is floating on hope and hope alone. Writing a bearish thesis for a community of devout investors, developers, and fans is never enjoyable. Especially when the community has already endured such a devastating and emotional loss. Terra Luna saw the largest crypto sell-off in 2022 as the LUNA price fell from an all-time high of $119.50 to $0.0001 in less than a week. Gains were wiped across the board, millions of investors lost a lifetime's worth of savings, and some unfortunate few even lost their lives in conjunction.
Terra LUNA price currently trades at $2.05 but still does not present enough bullish information to call a bottom. The Fixed Range Profile indicator commonly used on intra-hour charts shows that the largest transactions filled were in the $0.59 zone. The indicator refers to the most significant order zone as the Value Point of Control. Traders generally use the VPOC as a target price to aim for in bullish and bearish scenarios.
LUNA/USDT 8-Hour Chart
Investors have been wondering why Terra LUNA's price has not been able to produce a retaliation into previous resistance zones. The VPOC may be the subtle answer, as institutional traders may keep their shorts in place until a classical retest of the price level occurs.
For traders, the invalidation of the bearish outlook could be a breach above $2.70. If $2.70 is breached, bulls could potentially rally to $3.27, resulting in a 50% increase from the current Terra LUNA price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.