Price Analysis

Terra (LUNA) Jumps High as Bitcoin(BTC) Price Nears $44,000, This is When it May Hit $1000!

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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Mar 1, 2022

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Highlights

    Terra price continues to surge towards its ATH, intending to discover new highs above $100 at the earliest

    The current recovery points out that the asset’s strong tendency to maintain an uptrend squashing all the odds

Terra is constantly accumulating double-digit gains from the past couple of days as the crypto market broadly recovers since the early trading hours. The Bitcoin price slice through the $42,000 resistance zone is slowly heading towards the $44,000 target area. And hence escorting the entire crypto market towards the north. Therefore, Terra’s (LUNA) price also spiked more than 20% to hit the weekly highs at $94.96. No doubt the sellers jumped in quickly to extract profits which dragged the price below $90. 

Yet the LUNA price is still 9.46% from its All-Time Highs around $103, yet the consecutive jump of more than 20% induced huge bullish momentum. However, the seller tried their luck at every surge, yet failed to induce the same bearish momentum. And hence even if a small downtrend hinders the bull run, the bulls may withstand the trembled situation strongly. Therefore, the bulls are flipping the bearish signal each time it pops out in the short term. 

The Terra price maintained a strong uptrend since the flip from lower levels during the last few days of February. The asset went inversely parabolic and visited the uptrend line yet again. However, after a significant flip, the asset appears to be poised to hit $100 very soon. But soon after smashing the ATH and forming a new one, the LUNA price may face a huge rejection. The plunge may again drag the price towards $80 where-in it may attempt for a flip. 

On the other hand, the RSI in the STF has hit the overbought levels from the past couple of days and is refusing to plunge down. Despite a small pullback, the levels flip quickly to hover within the overbought levels. And the MACD is extremely bullish as the selling volume is not given any room to get accumulated. Moreover, after a minor selling accumulation, the buying volume quickly outpowered the price. Hence manifesting the possibilities of smashing a new ATH at the earliest.

If the RSI and MACD continue to hover within upper resistance levels, then a consolidated ascending trend may be imminent. As the previous altseason was ignited by various other tokens, the current Terra(LUNA) price surge may ignite the 2022 Altseason in a while. And hence as predicted by a popular analyst LUNA’s price may hit $1000 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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