Terra Tokens Combat Potential Drop! What Does Market Hold For Terra LUNA And LUNC?

The post Terra Tokens Combat Potential Drop! What Does Market Hold For Terra LUNA And LUNC? appeared first on Coinpedia Fintech News

The crypto market has displayed a strong positive price action, as the industry has added significant value to its portfolio this month. Many coins have recorded a new yearly high during this time, indicating a bullish influence over the space.

Terra tokens have gained massive attention from the market following their recent price pumps. Terra LUNA recorded a jump of over 63% in value within a short period, with the Terra LUNC price gaining over 41% during the same time.

Terra LUNC Price Analysis:

The Terra LUNC price was seen trading in a narrow space between $0.00006193 and $0.00006698 for a while. After that, the Terra tokens gained momentum, and the price broke out of the resistance level. The LUNC token made a short bounce back, but the market was trading under a bullish influence, resulting in the price regaining momentum.

The Terra token displayed a remarkable surge of over 40%, after which the price was rejected at the resistance level of $0.00009141. The price then experienced a correction of over 15% and traded sideways for a while.

The bulls and bears constantly fought for power, resulting in significant price action. Presently, the coin is trading in a symmetric triangle and is on the verge of breaking it, the outcome of which is unpredictable.

TradingView: LUNC/USDT

The Relative Strength Index (RSI) continues to trade close to its mid-point, indicating reduced price action for the coin. Further, the averages display a merged flatline, suggesting uncertainty in the coin’s future price action.

If the bulls gain power and break out of the triangle, the price will gain significant momentum and prepare to test its resistance level of $0.00008004 soon. Further, if the market holds the price, it will attempt to test its upper resistance level of $0.00008569 in the coming time.

Negatively, if the bears dominate the market, the price will lose momentum and break down the triangle, resulting in the price testing its support level of $0.00007255 soon. Moreover, if the bears control the market, it will further lose value and test its lower support level of $0.00006698 this month.

LUNA Price Analysis:

Following the footsteps of Terra LUNC, the LUNA price traded in a consolidated range between $0.4293 and $0.4921 for a brief period, following which the coin gained momentum and the price broke out of its upper level, but the price was rejected at $0.8448.

After this, the price lost momentum and experienced a correction. The bulls held the price strong above the support level of $0.6201, following which the price gained momentum and surged.

The price was seen trading in a closed range, after which the token recently broke down the support level of $0.6691, indicating a bearish cloud around the market.

TradingView: LUNA/USDT

The Moving Average Convergence Divergence (MACD) displays a flatline for the second straight day, indicating uncertainty in the future price action of this crypto. Further, the averages have merged and traded sideways, suggesting a neutral sentiment.

If the bulls hold the price above $0.6201, it may regain momentum and attempt to test its resistance level of $0.6691. Further, if the bulls break out of the symmetric triangle, the price will experience a significant jump in value and test its upper resistance level of $0.7444 in the coming days.

Conversely, if the bears overpower the bulls and the price breaks down the triangle pattern, the coin will lose momentum and fall to test its support level at $0.5435 soon. Moreover, if the bears continue to dominate the market, it will continue to drop and test its lower support level of $0.4921.

Conclusion:

Terra ecosystem displays a promising future with a strong bullish influence over the market. Terra tokens have displayed significant price action in their respective prices lately, resulting in an attempt to regain the market’s trust in the coin they once had.

Although the price is predicted to end the year positively, these tokens may sometimes experience a trend reversal as they are prone to massive price volatility.