Terra (LUNA) Price Jumps 70% Past Week, Is It A Good time to Buy LUNA?

Terra (LUNA) Price Jumps 70% Past Week, Is It A Good time to Buy LUNA?

 

  • LUNA has revived nearly 70% the past week
  • LUNA Price has recently cleared its ascending channel resistance
  • RSI is coiling right below the overbought value

LUNA Price Overview

LUNA price has held fairly well over the past couple months as most coins hit a new low throughout the last 2 weeks. LUNA has been continuously printing higher lows as the majority of alts have been getting crushed lower. This shows the overall strength of LUNA as prices are still up over 2000% over the past year. LUNA has a large price void that may soon get filled if the market continues bullish. 

KNOW MORE: Terra (LUNA) Project Review and LUNA Price Predictions 2021

While looking at the chart, we can see prices have formed an ascending channel over the last 65 days (shown in green). Just over the last day, LUNA has fully cleared over the top trend of the channel formation. As long as prices stay above this, LUNA is in a great spot.

Along with this trend lies a resistance zone of $8.78-$9.43. Bulls must continue to hold prices above this mark to stay in a bullish trend. 

Terra Price Analysis: LUNA/USDT 4 Hour Chart

At the time of writing, the 600MA is acting as a resistance line along with the other two barriers. This has been a great indication of whether a bull trend or bear trend is taking place. If prices can clear over this MA, LUNA should have all the confirmations needed to have a confirmed bullish trend. If bears take back control, LUNA will find support at $8.26, $7.59, & $6.47.

  • RSI: While looking at the RSI, we can see a short term bull flag has been forming. If strength manages to break to the upside, LUNA will experience another strong bullish push.
  • MACD: The MACD has recently visited the bullish territory which has brought along this near 70% price surge.
  • Moving Average: The MA’s have touched a near 2 month trend line which has acted as resistance 2 other times. Breaking over this mark will allow LUNA to push to its next targets. 

LUNA intraday levels 

  • Spot rate: $9.40
  • Trend: Bullish
  • Volatility: High
  • Support: $8.79
  • Resistance: $9.42

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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