The Terra LUNA price displayed a notable run in November as the price added over 140% to its value within days, resulting in the price reclaiming its $1 mark. Since then, the price has been constantly trading in a descending channel pattern, indicating a cool-off in the buying pressure.
Terra LUNA 2.0 price constantly traded in a closed range between $0.6597 and $0.7980 for a brief period, following which the price lost momentum, resulting in a price plunge.
The Terra token then traded sideways between the range of $0.5599 and $0.6597 for over a week. As the market gained momentum, the price broke out of the range and jumped 36% before facing rejection at $0.8997.
Following this, the LUNA coin price experienced significant price volatility, resulting in the price trading sideways for a while. After multiple attempts, the bulls successfully broke out of their key resistance level at $0.8997 and displayed a jump of approximately 60%. Following this, the price faced rejection at $1.2609.
Since then, the price has been constantly recording new lower highs in its chart, indicating a bearish influence for the coin in the market.
The Relative Strength Index (RSI) continues to trade below the mid-point, indicating a weak buying and selling pressure in the market. Further, the average constant trades on the neutral line, highlighting an uncertainty in the future price action of this token.
Will LUNA 2.0 Price Rise Back Up?
If the bulls push the price above the resistance level of $0.9938, the LUNA price may regain momentum and prepare to break out of the descending channel pattern. Further, if the bulls succeed, it will continue to rise and test its upper resistance level of $1.1358.
Maintaining the price at that level will set the stage for Terra LUNA 2.0 to attempt to test its upper high of $1.2609 this month.
Conversely, if the bears continue to hold power, the LUNA price will continue to lose momentum and fall to test its support level of $0.8997. Moreover, if the bears dominate the market, it will plunge further and prepare to test its lower support level of $0.7980 in the coming days.