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Terra (LUNA) and ThorChain (RUNE) Technical Analysis: What to Expect?


cryptoknowmics.com 22 July 2021 13:04, UTC
Reading time: ~3 m

Terra and ThorChain prices are bottoming up after profound losses. RUNE/USDT must first clear $4.5 while LUNA/USDT bulls target $8 in the short term.

Terra (LUNA)

The project wants to combine exciting elements of crypto and fiat to power a payment system and speed up overall adoption using LUNA as the bedrock.

Past Performance of LUNA

After days of lower lows and bears taking charge, there appears to be a shift in fortunes for LUNA bulls.

The token is up 12 percent on the last trading day.

At the same time, prices are reacting at vital Fibonacci levels, a net positive for buyers optimistic of further price gains in the days ahead.

Day-Ahead and what to Expect

A three-bar bullish reversal pattern in the daily chart bounces back with increasing trading volumes, suggesting a buildup in demand.

LUNA prices look likely to expand in the days ahead, unwinding losses of the better part of June.

The primary support level for LUNA/USDT stands at $5, while the uptrend would be more apparent once prices surge past $8 and July 2021 highs.

LUNA/USDT Technical Analysis

There is a clear uptick in participation reading from yesterday’s gains.

The odds are, LUNA prices will continue inching higher in the days ahead.

For this reason, every low may be a loading opportunity for aggressive LUNA bulls targeting $8 and $11 in the medium term.

Losses below $5 twirl price action in favor of LUNA bears in sell trend continuation.

ThorChain (RUNE)

The ThorChain cross-chain DEX recently suffered an exploit that saw RUNE prices curve. At the time of writing, the coin is one of the top performers.

Past Performance of RUNE

RUNE/USDT has support at the time of writing, but losses in the last trading week are pronounced reading from price action.

Technically, RUNE/USDT remains in a bear breakout pattern and would take much convincing for bulls to take charge despite July 21 gains satisfactorily.

Day-Ahead and what to Expect

The odds are, RUNE prices will likely build on July 21 gains to overcome $4.5—a primary resistance level as prices bottom up.

However, if not, RUNE prices might continue sliding in a bear trend continuation pattern in the coming weeks.

RUNE/USDT Technical Analysis

The downtrend is evident, and sellers are undoubtedly in the driving seat from a top-down approach.

Although there is a double bar bullish reversal pattern, a close above $4.5 would confirm trend reversal, favoring bulls.

For now, aggressive RUNE/USDT may load the dips as long as prices trend above $3, aware that deeper losses cancel the uptrend.

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