Over the last 24 hours, the market has moved in an upward direction. Bitcoin, the market leader, broke out of its recent consolidation and gained 5% trading at $41k. Ethereum gained a whopping 4.3% trading at $2,761.45 and the rest of the leading altcoins followed suit.
LUNA Price Action
On March 14, Terra’s LUNA token broke through the $94 overhead resistance, but the bulls were unable to maintain the higher levels. On March 15, the bears dragged the price back below $94 again.
The bears will now attempt to drive the stock below the 20-day exponential moving average (EMA) ($84) and keep it there. The LUNA/USDT pair might fall to $70 if they succeed. This could indicate that the bullish momentum has slowed.
Buyers will try to drive the price toward $105 if the price rises from its current level or bounces off the 20-day EMA, contrary to this notion. The resumption of the uptrend might be signaled by a break and closure above this resistance. The pair could rally to $115 first, then $125.
Terra (LUNA) Price in for a Meteoric Rally
Despite the prevailing sideways movement in the crypto markets, a well-known crypto strategist claims that Ethereum (ETH) competitor Terra (LUNA) is poised to strike new all-time highs.
Pseudonymous trader Kaleo informs his 473,900 Twitter followers that Terra (LUNA), a decentralized finance (DeFi) payment network, may rise by at least 70% if it can reach its previous high of $104.
When it comes to LUNA and Bitcoin (LUNA/BTC), Kaleo believes the pair will surge to his short-term target of 0.0038 BTC ($149) before correcting.
Kaleo isn’t the only cryptocurrency analyst who has recently voiced optimism for Ethereum’s opponent. Altcoin Sherpa, a fellow trader, feels the seventh-largest crypto asset by market cap is in an uptrend since it keeps making higher highs and lower lows.
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Source: https://coinpedia.org/altcoin/terra-luna-price-primed-for-massive-70-upswing/