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.
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.
02 Feb 2023
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