Terra(LUNA) Price Short-Term Pull Back Before Massive Jump To $80!

Many crypto assets began the current month trade on a bearish note, while some consolidated hard to prevent yet another plunge. However, Terra(LUNA) Price on the other hand maintained a significant uptrend after slashing from its highs around $100 in the last few days of 2021.

No doubt the LUNA price attempted hard to rebound from the depleting trend, yet resulted in another drastic drop. Currently, the asset appears to have inculcated a calculative approach and raising high to eliminate drastic plunges.

The price is swinging within a notable uptrend channel by striking the upper resistance and the lower support constantly. And hence maintaining its trend within the rising channel, the possibilities of yet another minor drain within the channel is quite possible. However, the asset appears to be self-assured of the upcoming uptrend that may assist the price to rise above $75. 

The technical indicators suggest a notable uptrend is imminent for the asset in the short term as well as in the long term. The RSI and the StochRSI both are heading towards the north and maintain levels above 60. While the MACD is showcasing ease in the buying pressure in the STF, the HTF appears extremely bullish as the buying volume has just started to accumulate. 

The Average True Range(ATR), which records the market sentiments and records the volatility rate indicates the asset to be extremely volatile in the short term. And hence irrespective of the direction, the LUNA price is due for a drastic change. On the other hand, the Average Directional Index(ADX) which tells the strength of the rally is bullish in both time frames. 

While the indicators are notably bullish, the Terra(LUNA) price needs to test the pivot points at the resistance around $66 and upon clearance, the bull run would get ignited. Moreover, the ATH may become achievable once the asset smashes $80. But before that, a pullback towards $55 to $54 levels is pretty much possible.