The Terra(LUNA) price has made a significant comeback from the widespread correction phase of the crypto market. This retracement plunged the altcoin price to the 0.382 Fibonacci retracement level on April 18th. However, the coin price witnessed a 20% intraday pump this Monday, responding to Terra’s stablecoin (UST) surpassing the Binance USD (BUSD) as the third-largest stablecoin by circulation.
Key points:
- The daily-RSI slope jumps back into the bullish region
- The post-retest rally from $90 would surge LUNA price 8% higher
- The intraday trading volume in the LUNA is $3.15 Billion, indicating a 30% gain.
Source- Tradingview
A V-top reversal from the $120 All-Time high level plunged the Terra(LUNA) price to the $0.328 FIB level. The retracement rally breached some significant supports, such as $100 and $90, registering a 36.7% devaluation.
However, a confluence of technical support of 0.328 FIB($75) and the fundamental perks mentioned above triggered a massive pump of 20% on April 18th. Today, the follow-up bullish candle breached the immediate resistance of $90, initiating a post-correction rally.
The 30% surge in trading volume accentuates buyers’ commitment to the resistance breakout, which could drive the coin to a $100 psychological level.
Anyhow, the $100 mark remains a critical level for LUNA, and the interested traders should keep a close eye on the price action near it.
Technical indicator
In response to the recent price jump, the RSI slope climbs back into bullish territory, indicating the traders are feeling positive for LUNA.
The LUNA price trading above the trending 100 and 200 DMA suggests an overall bull trend. On the flip side, the 20-and-50 DMA moving near the $95 mark may interrupt the ongoing bull run.
- Resistance levels: $100 and $120
- Support levels: $90 and $81.6
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/terra-price-prediction-terra-price-rallying-north-to-regain-100-mark/