Price Analysis

Terra(LUNA) Explodes Out of Uncertainty, Price Aiming to Hit Crucial Resistance at $75 Soon!

Written by: Sahana Vibhute

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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.

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Feb 25, 2022

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Highlights

    Terra price exploded as soon as the market trend slipped a little and hence showcases a strong possibility of testing crucial resistance

    The upcoming surge may also test the ATH very close to $100 mark yet again during the upcoming upswing

With the dark clouds of uncertainty getting eased a little the entire crypto space responded well with a decent rebound. While the traditional and popular cryptos regained their previous levels, Terra (LUNA) price managed to surpass the immediate resistance. While it was showcasing huge possibilities of testing the ATH, yet another pullback is hindering the rally. And hence the LUNA price may hit the immediate support at $60 or $62 before jumping high. 

The previous day when Russia launched special military operations on Ukraine, it badly impacted the global markets including Cryptos. Bitcoin, Ethereum, and all the crypto assets plunged heavily, incurring a double-digit loss. However, Terra(LUNA) was one of the assets which maintained a bullish trend amid the bloodbath in the crypto space. And hence after showcasing huge strength, the ATH may also not be much distinct for the asset. 

The Terra price maintained a notable uptrend ever since it began with a notable uptrend way back in August 2021. And every time it visited these levels, bounced back efficiently, forming new highs. However, the beginning of the present month trade was much below the trend line which was mainly due to extreme sell-off after it smashed its ATH at $100. Losing the trend line, the LUNA price continued to test the trend line aggressively. But the bears left no stones unturned in preventing the asset to flip the bearish trend. 

However, following a notable series of uptrends from the past 3 to 4 days, the LUNA price pierced through the trend line and was on the verge to test one of the pivotal levels. Currently, experiencing slight exhaustion, the asset faces an interim pullback. But the trading volume is in favour of the bulls and hence the resistance at $70 may be tested and cleared soon. Yet later the only barrier could be around $80 and on surpassing these levels, a new ATH may be imminent very soon. 

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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.

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