Price Analysis

Terra(LUNA) Price Smashes highs Being UnImpacted from the Ongoing Tussle

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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Dec 21, 2021

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Highlights

    Terra price in recent times is undergoing huge uptrend as the asset appears to be executing its plan of step by step surge

    Despite some regulatory hindrance, yet LUNA price remains highly influenced by the bulls as it registers new highs in early trading hours

    Moreover, technicals suggests the asset may not stop here, yet go on to form new highs very soon

Terra (LUNA) price nowadays has built a huge bullish momentum as it registers 8 green candles straight in a line. Following the influx of huge buying volume from a week ago, the LUNA price went ahead to smash new highs at $84.80 in the early trading hours, while the other assets were trembling hard. Moreover, the regulatory hindrance also was unsuccessful in playing its part. 

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Terra (LUNA) Price

Interestingly, the current LUNA pattern chart displays a significant bullish pattern and appears to be unstoppable in finding new highs. Ever since the asset flipped the bearish divergence, a couple of days before, it followed a constant uptrend within an ascending parallel channel. No doubt the sellers quickly jumped into action, yet could not shake the coiling bullish momentum.

Trading View
  • Currently, the asset is trending within an notable uptrend pattern in an ascending channel and appears to continue with the trend for some more time
  • The game-changer was when the asset surpassed the crucial resistance which resided on 50-day MA at $62.81
  • Since then the asset is building huge bullish momentum and propelling high and attempting to hit a 3-digit figure very soon
  • The RSI after reaching the higher levels is consolidating within the range, hence nullifying the impact of the minor selling pressure.
  • The MACD appears to have touched the skies while both the lines are going hand in hand. Therefore no drastic pull back may be expected, while some minor corrections could be on its way. 

The Terra price continued its rally towards the north despite the platform experiencing some hurdles. The CEO of Terraform Labs has recently filed a complaint in court to oppose the SEC’s investigation. According to the CEO, Don Kwon, the SEC is mishandling subpoenas of the Terraform Labs and also attempting the company to compel the firm to comply with the investigation. The firm believes the SEC has no legal rights over it and hence stepped into the court for justice.

Despite the spat against the SEC, yet the Terra(LUNA) price maintained its upward trajectory in order to discover new highs. However, after rallying much higher, the asset may fall into a notable bearish well very soon. The technicals also suggest the asset may revisit the local support levels at $70 and further continue with the uptrend. 

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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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