Terra (Luna) It recently went through another minor correction that brought its price down to the new support level of around $80. The coin price dropped by 21.5% during the pullback, attracting more traders to buy this drop.
Key Technical Points for Terra
- LUNA price is gaining strong support from the 20-day EMA.
- Intraday trading volume on Terra is $1.58 billion, up 9.37%.
LUNA The price was recently trying to break out of its all-time high resistance at $78.5. LUNA’s ascending fundamental rally hit $103.3 as a fresh high before returning to its breakout point.
The area near the $80 level is now turned into a support level and LUNA has caught enough support in the retest phase. The pair showed good trailing candles up 15% from the lower support level.
The key EMAs (20, 50, 100 and 200) maintain their bullish order on the daily timeline chart. Also, the 20 and 50 EMAs continue to offer strong support during minor pullbacks.
The Daily Relative Strength Index (63) has its own swing high and low rally as it tries to approach the overbought territory.
Terra Coin Price Resonating in an Ascending Wedge Pattern
terra The bullish rally in the coin shows the formation of an ascending wedge pattern on the 4-hour timeframe chart. Although this pattern has led to a bullish rally, it poses a significant threat to selling the coin when the price drops from the support trendline.
Additionally, crypto traders can maintain the bullish sentiment until the price stays above the support trendline and $80 support. The pair is currently trading at $92.51 and has an intraday gain of 3.44%.
Based on the traditional pivot level, traders can expect $102 and $114 to advance as key resistance levels. Support levels are at $91.5 and $79.3.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.