Terra has surged by more than 50% in the past five days.
LUNA is now in price discovery mode, trading above $57.
If the $55 support holds, prices could rise to $60 or higher.
Share this article
Terra is soaring. Further buying pressure could send the Layer 1 blockchain’s LUNA token higher, potentially nullifying any spike in profit-taking.
Terra Hits New All-Time Highs
Terra has re-entered price discovery mode and is outperforming the leading cryptocurrencies.
The Layer 1 blockchain’s LUNA token reached a new record high above $57 Tuesday following a 50% rally over the past five days. The bullish impulse resulted from a rebound of the 200-twelve-hour moving average at roughly $37.84. Now, it appears that Terra could be bound for a short-lived correction.
The Tom DeMark Sequential indicator has presented a sell signal on LUNA’s 12-hour chart. The bearish formation developed as a green nine candlestick. An increase in profit-taking around the current price levels could result in a one to four 12-hour candlesticks correction before the uptrend resumes.
Slicing through the Nov. 10 all-time high at $55 could help validate the pessimistic scenario. In this scenario, Terra could drop toward the 78.6% or 61.8% Fibonacci retracement level. These critical areas of support sit at $51.3 and $48.5 respectively.
Sidelined investors may take advantage of such a correction to re-enter into the market, which would allow LUNA to advance further.
It is worth noting that LUNA will continue to look bullish as long as the $55 support level holds. If it succeeds, LUNA could advance toward the 127.2% Fibonacci retracement level at nearly $60. If the uptrend is significant enough, the uptrend could extend toward $65 or even $72.
LUNA is trading at $57.59 at press time, which puts Terra’s market cap at roughly $22.5 billion. It’s currently the 13th-ranked cryptocurrency.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Grayscale Says It’s Exploring Terra and Avalanche
Institutional investors may soon be able to buy into Terra and Avalanche. Grayscale has announced that it has added LUNA and AVAX to its list of assets under consideration. Grayscale…
Terra Is About to Burn 10% of Its Token Supply
Terra’s LUNA token has rallied on the news that a scheduled token burn will remove 10% of the total token supply. Terra Set for Token Burn Terra is closing in…
Terra’s Interoperability Updates Could Help LUNA Soar
Terra is about to see a spike in network adoption as it enables interoperability with other blockchains. The boost in use cases could help push LUNA into higher highs. Terra…
How SocialGood Is Offering 100% Crypto Cashback on Online Shopping
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…