- LUNA broke its descending channel, while eyeing the $0.895 resistance with $1.50 as the next target
- Social dominance and technical indicators signaled strong bullish momentum, despite the overbought RSI
As a seasoned researcher who has witnessed the cryptocurrency market’s rollercoaster ride, I must admit that LUNA’s recent breakout from its descending channel left me quite intrigued. The altcoin’s impressive 30.58% surge in just one day is reminiscent of a well-timed pump and dump scheme, but the golden cross formation gives me hope for sustained upward momentum.
As a crypto investor, I’m thrilled to share that Terra [LUNA] experienced a significant 30.58% jump in a single day, breaking free from its downward trend. At the moment of writing, this altcoin is valued at $0.789, and it seems to be approaching a crucial resistance level at $0.895.
Should LUNA surpass its current resistance, it might aim for approximately $1.50 in the near future. Moreover, there appears to be a developing golden cross, suggesting a potential shift in trend direction. Yet, the uncertainty persists – Will LUNA sustain this uptrend and reach unprecedented highs?
What does the breakout mean for LUNA’s future price action?
LUNA’s escape from its downward trend line signified a major change in market feelings. As we speak, the price is nearing an important barrier at $0.895. Consequently, this level will be critical in deciding if the breakout can persist. If the breakout manages to surpass $0.895, it could possibly propel LUNA up to around $1.50.
As a result, traders will carefully watch the price movements to verify if this upward trend is indeed genuine.
Completing almost all its stages, the golden cross makes the likelihood even stronger that we might witness a change in market direction from bearish to bullish. This technical signal is usually an early indication for the commencement of a positive trend.
Are the technical indicators signaling a strong bullish trend?
As I’m typing this, Terra’s technical indicators are showing robust energy. The Relative Strength Index (RSI) stood at 80.15, implying that LUNA was in an overbought state. Yet, such a high value also hinted at powerful upward momentum, suggesting the rally might have more to climb before it peaks.
Additionally, the MACD’s reading of 0.0211 further supported this bullish outlook.
Consequently, it seemed that LUNA was set for continued growth in the near future, but it’s important to exercise caution given the current overbought state.
How is social sentiment influencing the price movement?
LUNA’s social dominance increased significantly, rising from 0.100 to 0.163 in just 24 hours.
As a result, an increase in social focus may boost market engagement and foster growth. Yet, increased social standing typically brings more instability, as opinions can quickly change, swinging either way.
What does the market sentiment say about Terra’s future?
Currently, approximately 49.39% of LUNA holders are holding short positions (bears), while about 50.61% are in long positions (bulls). This suggests that the market for LUNA is close to balance between those who believe its price will decrease and those who believe it will increase.
Reflecting on the current market dynamics, the equilibrium appears ambiguous regarding our future trajectory. Yet, should LUNA manage to surpass the $0.895 mark, it could potentially empower the bullish sentiment, placing us in a more optimistic position.
Is your portfolio green? Check the Terra Luna Classic Profit Calculator
Will LUNA maintain the bullish momentum?
Based on LUNA’s technical signals, social influence, and recent market movement, there seems to be an indication of a possible trend shift. Yet, the notable barrier at $0.895 continues to pose a challenge. If LUNA manages to surpass this barrier and validate its golden cross, it could aim for $1.50.
Despite the current positive momentum, traders need to exercise caution due to signs of overbought conditions and a balanced long-to-short ratio suggesting possible market fluctuations in the near future. The outcome of LUNA’s performance will hinge on its ability to maintain its current pace and surpass its crucial resistance level.
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- CNY RUB PREDICTION
- HOOK PREDICTION. HOOK cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Nosferatu Director Explains Orlok’s Impressive Mustache (And It Makes Sense)
2024-12-05 09:43