Altcoins

Terra(LUNA) Price Primed To Hit $100, Yet May Not Continue with a Constant Uptrend!

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Dec 22, 2021

news-image
Highlights

    Terra(LUNA) price formed a new ATH since the early trading hours, yet the fear of a substantial downtrend still haunts the rally

    LUNA bears may overtake the bulls as soon as the asset reaches the milestone, but it may be only for a short term

Many altcoins in the market are emerging out of their comfort zone and attempting very hard to barge in through consolidation. Among these coins, Terra(LUNA) price manifested extreme bullish tendencies in order to hit the new higher levels soon. Despite the current silent trend, Terra still managed to rally high as Terra has the second-largest Total value locked(TVL) and LUNA has more value locked than Binance Smart Chain, Solana, Avalanche, etc.

Advertisement

Moreover, the asset has a huge capability of withstanding the bear market more consistently than any other coin. Now when the crypto space is getting coiled up and on the verge to reach its highs, more and more UST would be minted to preserve wealth. However, the LUNA tokens are burned whenever the UST is minted, and hence probably the LUNA token may handle the crash more maturely than any other token.

Terra(LUNA) Price Move Towards $100k

On the contrary, while the asset is climbing more highs, the possibility of a notable dump also hovers the platform. A popular analyst suggests the current zones are pretty good to liquidate some of the longs near the psychological resistance of $100. 

According to the analyst, a notable amount of longs may get liquidated as soon as the asset hits $100 mark. Moreover, the RSI is also ranging high showcasing some possibilities of a substantial pullback. If the uptrend continues beyond $100 the altcoin may hit new highs around $106 initially. The Extended Rally may take the LUNa Price at $111, and later around $120.

Show More

Was this writing helpful? myImage dislikeimage

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button