Why LUNA 2.0 Price is Up Today? Terra LUNA Reclaim $1 Soon?

The market leader, Bitcoin, has continued displaying a neutral trend for over a week, with top cryptocurrencies riding in its footsteps. On the other hand, Terra tokens after trading in a consolidated range for weeks have displayed massive price action over the weekend by adding significant value to their respective portfolios.

Terra LUNA price traded in a narrow space between $0.4293 and $0.4921 for over two weeks. Despite the industry experiencing a price pump, the price recorded consolidated moves.

November started with a neutral trend, but during the second week, the LUNA 2.0 price experienced a massive jump of 107%, from $0.4293 to $0.890 in value over the course of just two days.

Following this, the price was rejected, lost momentum, and started trading under a bearish influence. The price recorded a correction of 20% and tested its support level of $0.6691, but the bulls held the price strong, which resulted in a bounce back.

After multiple failed attempts, the LUNA 2.0 price lost momentum, resulting in it experiencing a correction of 15% from its level of $0.8448. Following this, the price traded in a consolidated range between $0.6201 and $0.6691.

The market then experienced a dip, resulting in the price experiencing a correction of 10%, but the price quickly bounced back within the consolidated range. After this, the price traded in the range for a while.

Recently, the price recorded a jump of over 15%, resulting in it breaking out of its key level. Further, the LUNA 2.0 price is hovering close to its support/resistance level of $0.7444 and is expected to make a move soon, of which the outcome is unpredictable.

The Moving Average Convergence Divergence (MACD) displays a constant green histogram for almost a week, indicating a strong price action for the coin. Further, the averages show a rising pattern, suggesting the LUNA price to continue gaining value in the coming days.

Will LUNA Price Hit $1 This Year?

If the bulls hold the price above the support/resistance level of $0.7444, the LUNA price will continue to gain value and run to test its resistance level of $0.8448 soon. If the market holds the price at that level, it will prepare to test its upper resistance level of $8900 by the coming month.

Maintaining the price at that level will set the stage for the coin to test its upper resistance level of $1 by the end of this year.

Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level of $0.6691 soon. Moreover, if the bears dominate the market, it will continue to dip and test its lower support level of $0.6201 in the coming days. 

If the market experiences a trend reversal, the price will record a significant plunge in value, resulting in it testing its lower level of $0.5 by the year-end.