Terra’s (LUNA) price since the early trading hours is surging high with huge velocity and surged more than 15% in a very short time. Previously, when the price had attempted to hit a 3-digit figure, it quickly dropped drastically. The main reason behind the drop may be that the price had broken out of its comfort zone as the technicals suggested a diverse trend then. Yet despite the indicators being slight neutral, the LUNA price managed to smash levels very close to the $100 mark.
Therefore, the price quickly dropped more than 20% in a week’s time. Yet the current surge is a little more diverse than the previous attempt. As the asset clearly carries a huge bullish momentum now, displaying a fewer chance of plunging down. However, the minor pullback may make its way out, but may not negatively impact the Terra(LUNA) price.
As mentioned, the LUNA price also attempted to hit a 3-digit figure but failed notably. Current the asset may not dive deep in case of a reversal as the technicals are extremely bullish. The price in the short-term may ignite a swing within a parallel channel after a decent spike, forming a bullish flag. And hence the asset may eventually spike high after a decent break out from the channel. Moreover, the MACD at the press time does not point to any bearish signal.
Also, the current spike occurred with only a limited buying volume, compared to that of the previous ones. And hence the bull may retain the control until and unless the asset forms a new ATH. Here the possibilities of a pullback may be enhanced but may sustain strongly. Therefore uplifting the Terra(LUNA) price to a large extent.
Written by: Sahana Vibhute
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