Terra (LUNA) price smashed a new ATH very close to $110 levels within a very small time frame. No doubt the asset is facing minor pullback at the press time, which is expected to get more accelerated in the upcoming hours. However, unless the market trend flips a little a notable descending trend may continue to persist. Despite multiple ups and downs yet the asset appears to be poised to hit the desired target of around $120.
The asset underwent a bullish breakout from the ascending triangle and quickly rallied above $100. Further after forming a new ATH, the asset is experiencing a slight pullback. The price ever since flipped the bottom during the beginning of March, maintaining a notable uptrend line. And hence it is expected that the LUNA price could retest the trend line below $100 again before initiating a notable bull run.
A popular analyst believes the LUNA price may slide towards the trend line slicing through the immediate support at $98.66. Currently, the asset after surpassing the resistance area above $105 is on the verge to retest the same resistance flipped to support levels. If the price fails to sustain at these levels, sliding below $100 could be imminent. However, the support at $98.13 may also perform its job well. On the flip side if the price fails to sustain here which is pretty much unlikely, then it may be considered as an interim end of the bull run.
Pivotal Zones to Keep A Watch On!
| Indicator | Value(Short-Term) | Action(Short-Term) |
| Relative Strength Index(RSI) | 57.1 | Buy |
| MACD | 1.04 | Buy |
| Average Directional Index(ADX) | 26.6 | Buy |
| Average True Value(ATR) | 1.41 | Buy |
- Moving Average(50)- $103.04
- Moving Average(200) – $95.26
- Resistance – $110
- Support – $98.67
Source: https://coinpedia.org/price-analysis/terra-luna-to-slide-down-below-100-before-igniting-a-huge-upswing-towards-120/