Yet again the weekend dragged the entire crypto space into a bearish trap. Hopes of a notable upswing were alive just before the beginning of the weekend yet got squashed very soon. Most of the assets experience a significant drop in their prices that nullified the gain incurred in the past week. The Terra(LUNA) price in contrast has been a quick recovering asset amid any extreme sell-offs. Currently, a similar trend may be fast approaching.
Terra (LUNA) Price Analysis
LUNA prices have since flipped the bears and ranged high during the past week. As a trend of a decent downfall has been set from the past couple of weekends, the current one also displayed a bearish trend. And hence most of the assets including Terra just slipped down their levels throughout the weekend. However, since the early trading hours, the asset is attempting to halt the downtrend and attempt to maintain the local support levels.
- The LUNA price snce a week is trending within an ascending parallel channel. Despite the recent plunge, the levels within the channels are maintained
- No doubt the asset has slipped from the middle levels of the channel, it is expected to rebound from the lower support levels after touching these levels
- The price trending above the monthly highs do signify the bullish trend to be intact. Hence the current phase to be a slight consolidation in order to accumulate strength
- Yet another indication of resumption of uptrend is the asset continuing to trend along the uptrend line without breaking the support levels.
Collectively, Terra(LUNA) price and almost all of the tokens after visiting slightly lower levels are attempting to recover losses. Therefore a small consolidation may be recorded for the rest of day. And the daily close may be on a bullish note. The asset during the upcoming days could maintain a decent uptrend.