Terra LUNA has had a phenomenal week with a growth of 30%. However, the bullish momentum of the week appears to be dying down as the whole market begins to move downwards. At the time of publication, Terra LUNA stands at a price level of $11.72. The price of the cryptocurrency is still increasing in the daily timeframe but with a small margin – an increase of just 3%. The trading volume has gained by 50% for the cryptocurrency. Terra is the twenty-fifth largest cryptocurrency in the market with a capitalization of $4.8 billion.
Technical analysis
The market sentiment for Terra LUNA continues to be bullish as the cryptocurrency is still moving upwards. Fifteen of the total twenty-six technical indicators are giving out an indication of buy. Six indicators of the rest are standing at a neutral position with five indicators bearish with a sell signal.
Terra LUNA has been operating in an ascending broadening wedge formation. The broadening wedge is a reversal pattern marked with bearish momentum. The bullish past week for Terra led to hopeful predictions for the upcoming days with a price target at $14. However, the cryptocurrency has been a source of disappointment as the bulls failed for Terra. The coin was expected to reach upwards towards a possible upside breakout from the bearish pattern but the pattern stayed validated. A downward breakout may be in the books for LUNA coin as it approaches a strong resistance level. The resistance zone at $11.74 to $12.05 is an established resistance. A failure from the resistance level can boost bearish momentum.
Can Terra LUNA regain bullish momentum?
Terra LUNA has not yet lost its bullish momentum so there is still hope for the cryptocurrency. The long-term projections for LUNA coin are hopeful. According to the estimates of Wallet Investor, the cryptocurrency will be operating at $22 in a year’s time while the five-year projection places it at $65. Digital Coin Price predicts a price of $17 by the end of 2021. Per their projections, Terra will reach $41 in five years’ time.
