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February 27, 2022

Terra (LUNA) Price Analysis 02/27

Terra LUNA’s price has broken through the $75 barrier, presenting a retest entry opportunity to reach the $90 mark. The rally that began at $50 has gained more than 50% in the last five days, resulting in the breaking of multiple barriers on the way to the top. However, the retracement suggests a retest in order to gain bullish momentum and reach $90. Will this breakout provide the best opportunity to buy?

LUNA price is consolidating near the horizontal level of $75 on the 4-hour time frame chart. However, recent lower price rejections suggest that the resistance has shifted to support. The bullish crossover of the 100 and 200-period EMAs signals an increase in underlying bullishness, which will fuel the current rally.

If buyers regain momentum, which is followed by tail formations, altcoin prices may reach $90 after surpassing the $84 level. A reversal to $60 is possible if the bears overtake the trend control, according to another viewpoint.

With the increase in bullish momentum, the LUNA price has remained above $50 for the past week and has risen by more than 50% to surpass the $75 mark within a week. The sellers, on the other hand, make a comeback to force a $75 retest.

Last week’s rally follows the $60 breakout, which suggests a double bottom pattern as the Terra token price action shows 2 separate dips at $50. The $1B funding, on the other hand, can be credited with keeping the bullish zeal that kept the altcoin in the top gainers list during the bearish week alive.

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The slope of the RSI indicator (69 percent) shows a brief pullback from the overbought zone, but the overall signal remains bullish. Furthermore, the 14-day average rises above the halfway point. The MACD histograms indicate a bullish trend in action, with the fast and slow lines breaking above zero.