Terra Luna Price Prediction As LUNA Fights Of Sell-off Cloud – Bulls Target Breakout To $3
The crypto market weathered the storm that had been brewing amid the expectation of the United States Federal Reserve’s decision on interest rates. Terra Price dropped, although briefly to $1.3161 toward the end of the session on Wednesday from the daily open of $1.44.
LUNA is still in the red, with data from CoinMarketCap showing a 3.5% drop in 24 hours to trade at $1.40 at the time of writing. The $333 million token saw a 42% spike in trading volume to $75 million, possibly from traders leveraging short positions on the backdrop of the FOMC’s 25 basis points interest rate hike.
According to Jerome Powell, the Fed chair, the regulatory institution is preparing for zero interest rate hikes in the coming months in spite of the ongoing banking crises in the country. Powell is confident that the US will bring inflation down to 2% while providing a conducive environment for the economy to thrive.
Regulators in the US have been blamed for the banking crisis that left three banks in ruins. For example, a bank like Silicon Valley Bank invested deposits in long-term bonds, which lost their value gradually as the Fed hiked interest rates consistently in 2022.
A typical bank run brought SVB to its knees prompting intervention from the government and regulators to ensure trust in the banking system.
Terra Price In the Early Stages Of Recovery
Terra price has since mid-September traded below a predominant descending trendline, as illustrated on the daily timeframe chart. Several attempts have been made to weaken this barrier but none have succeeded, not even the aggressive bullish push in January.
From the December low of around $1.10, LUNA climbed the ladder in a spectacular move above the $2.00 mark. A candle wick on January 21 tagged new 2023 highs at $2.52 before bears took back the reins.
The recent support at $1.1951 allowed Terra price to shake off the bearish shackles and resume its recovery push to $2.00 and $3.00, respectively.
It is worth mentioning that LUNA is in the early stages of a double-bottom pattern, likely to trigger an aggressive bullish move. This is a trend reversal formation that traders often use to go long on an asset.
The double-bottom pattern starts to form after an extended downtrend or correction. It is characterized by two price troughs. From the chart, we realize how the second bottom was not able to significantly break or weaken the first valley.
Such a situation suggests selling pressure is about to fade and a reversal is beckoning. Although the pattern is far from its confirmation, some high-risk takers may want to catch the breakout from this early stage, as long as they have risk management measures in place.
Traders need to be on the lookout for potential resistance areas like the immediate seller congestion zone at $1.50. If this level of resistance is weakened, the subsequent bullish move would see Terra price reach the 50-day Exponential Moving Average (EMA) (line in red) at $1.60.
For LUNA to uphold a medium-term to a long-term bullish outlook, it must make its way above the predominant falling trendline. A break and hold above this critical psychological level would make Terra more attractive to investors.
Increased trading activities would build liquidity for an aggressive push not only above $2.00 but the next rendezvous point at $3.00.
Examining Terra Price Short-Term Profitability – 4-Hour Chart
There is a lot of juice for traders when considering shorter time frames like the four-hour chart, which presents several indications of a stronger rebound. For instance, the Moving Average Convergence Divergence (MACD) indicator is just a few moments from presenting a buy signal.
The momentum indicator’s MACD line in blue might send a call to buy LUNA in the European or American sessions on Thursday as it flips above the signal line in red. Traders should also consider following its movement closely because as it lifts toward the mean line and into the positive region, odds will favor a bullish outcome.
At the time of writing, Terra price is equipped with immense liquidity from the support it found above the demand area. It has stepped above the ascending trend line (black) and tested the seller congestion provided by the 50-day EMA (line in red) at $1.4142.
Holding above the rising trendline would be another gate pass for the bulls to expand their scope to the supply area—made relevant by the 200-day EMA (line in purple) at $1.5414.
On the other side of the fence, bears could resume selling activities if LUNA fails to break above the 50-day EMA or hold above the ascending trend line. A pullback under this line would act as a catalyst for traders looking forward to short Terra price back to support at $1.30.
If push comes to shove, LUNA would be forced to revisit the following buyer congestion zone at $1.20 before an uptrend can erupt.
For now, the levels traders should focus on are the 50-day EMA on the four-hour chart, the support provided by the rising trendline, and the possibility of a buy signal from the MACD.
Terra Alternatives To Buy Today
Before buying LUNA, you may want to check out some of the best crypto presales for 2023. A dedicated team reviews the list of the best altcoins to buy, bringing to your attention possible options to diversify your crypto portfolio.
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