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LUNA Technical Analysis: Terra Firm, Adds 11% But LUNA May Crater to $75


cryptoknowmics.com 25 April 2022 18:03, UTC
Reading time: ~1 m

Terra is up 11 percent in the previous trading week against the USDT. Still, sellers are in control. Losses below April 18 lows may trigger a panic sell, forcing LUNA to $60.

Past Performance of Terra

The LUNA price is under the weight of sellers, reading from the performance in the daily chart. It is down three percent in the previous trading day and an impressive 11 percent versus the USDT in the last week of trading. LUNA is the top performer during the previous seven days of trading at spot rates, outperforming ETH and BTC.

Terra Technical Analysis

 As per the LUNAUSDT formation in the daily chart, buyers have the upper hand. Even though prices are trickling down, sinking as sellers press on, LUNA bulls are in control. The April 18 bull bar is trend-defining. Therefore, as long as prices are trending above $75 and $80, aggressive traders can double down in anticipation of another leg up to last week's highs to $98. On a more cautious approach, traders can wait for clean breaks above $98—if buyers take charge—or $75—if bears press on—with targets at $120 and $60, respectively.

What to Expect from Terra?

LUNA is bullish. However, prices could be dragged down by a free-falling crypto market. Losses below April 18 bull bar invalidate the current bullish outlook, paving the way for aggressive sellers to ride the down leg.

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