Analyst Sights Hope In Terra Luna as Strong Support Flashes Recovery, These Are His Price Targets

Terra’s LUNA token has been among the hardest-hit cryptos especially because of its crash. LUNA’s price collapsed by over 99% as its ecosystem suffered a devastating liquidity crunch. However, according to crypto analyst CryptoAnalystSignal, LUNA may be positioning for a bullish turnaround.

In a recent tweet, the crypto analyst chart monkey pointed to signs of strengthening support for LUNA around the $0.72 level. He believes the token’s multi-month selloff could be approaching exhaustion.

LUNA has plunged over 50% in the past year amidst the crisis of confidence in Terra. Recently, it dipped below $0.75 before stabilizing around that price. Over the past 24 hours, LUNA has surged 2% off its lows to currently trade around $0.75.

Falling Channel Signals Potential Trend Change

Importantly, CryptoAnalystSignal highlights positive divergence on the 4-hour chart, with LUNA appearing to move within an established falling channel after breaking down from its long-term uptrend.

“Consider buying on the current pullback as the price of @terra_money LUNA is moving in a falling channel on 4H frame with strong support,” the analyst tweeted. This falling channel pattern suggests the brutal selloff could be losing momentum, setting the stage for a relief rally.

New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW

Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!

Sponsored

Show more +

If support around $0.75 continues to hold up despite bearish sentiment in crypto markets, the analyst says LUNA’s price could be poised to revisit key upside levels. Specifically, he is watching three potential price targets at $0.81, $0.89, and $0.98.

After declines exceeding 50% year-to-date, LUNA remains in a firm downtrend on most timeframes. However, speculators appear to be positioning for a trend change given emerging signs of relative strength. The analyst’s targets represent potential areas where LUNA could encounter significant supply if the current falling channel pattern breaks to the upside.

You may also be interested in:

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo