Terra price action covered significant gains from the lows of February 2022. The gain from $45 to $120 was phenomenal and offered a good opportunity for investors to book some profit. With profit booking sentiment kicking in at $120, Terra fell to find some support from the $75 level; it took a bounce back at the beginning of March 2022.
This crypto is among a few rare tokens that remain above its 200 Days moving average curve, indicating a positive trend over the last year of price action. Apart from this, Terra volumes can be seen moving up and down at repeated intervals bringing crypto enthusiasts close to LUNA.
With strong buying action witnessed near the $75 mark, the resistance remains active at $100, which needs to be breached and turned into a buying zone to sustain higher level profit bookings. Read more about the technical analysis and Terra prediction to know the future performance of the coin in the coming years!
The volatile trend around the current bounce back is due to buyer participation with an increased transaction volume across leading exchanges. This price trend not only brought back the buying sentiment but also prompted RSI to take a boost from near negative levels to a mildly positive zone. Ideally, both RSI and price need to consolidate at current levels for higher targets.
The difference between the last traded value of Terra (LUNA) and its recent high of $120 offers a good profit potential for interested buyers. Since the initial months of 2021, LUNA has consistently marked a fresh high with the passage of each month.
Interested buyers of Terra would consider this, and it also makes the current price of Terra coin seem like a discounted buy. RSI remains in the overbought zones on long-duration charts while price action presents a profitable opportunity.
Source: https://www.cryptonewsz.com/terra-bounces-back-from-previous-support-levels/