Despiteย theย factย that the outlook for Terraย (LUNA) appears positiveย tendency, Terraย (LUNA) marketย value is asย ofย now experiencing a consolidation in buying volumes.ย
Inย doingย so, Terraโs Terraย (LUNA) price remains trapped duringย a critical levelย ofย support at $0.91 and a resistance level at $1. In May 2022, the TerraUSD (UST) cryptoย stablecoin experienced a crisis, losing its $1 value and leading to wholeย lotย of losses and bankruptcy filings in the cryptocurrency market.
Further, Kwon is asย ofย now facing criminal charges in theย Unitedย States and South Korea for fraud, securities law violations, and other offenses related to the collapse. Regardlessย of the accusations, Kwon denies the charges and argues that the mistakes leading to the impact wereย created by Terraform Labs, not by him or the company intentionally deceiving investors.
He further assertsย that the charges against him in South Korea are politically motivated.ย Kwon and Han are scheduled to appear for their next hearing on June 16.
Terraย (LUNA) Tokenโs Price Recovery and Potential Targets
LUNA, the cryptoย token that resurfaced after the TerraUSD (UST) collapse in May of the previous year, has gradually recovered from its levelย ofย support of $0.85 and is currentlyย worth $0.91 at press time. Nonetheless, itsย value movement is asย ofย now constrained by the 50-day Exponential Moving Average (EMA) at $0.9617.
The Relative Strength Index (RSI) further strengthens the positiveย tendency sentiment surrounding LUNA, as it exhibits a positive divergence and remains over both the midline and the ascending trendline.
For Terraย (LUNA)โsย price recovery continuation and surpass the $1 mark, it is necessary for the bulls to successfully push the tokenโs value over the 50-day EMA, represented by the red line on the chart.
On the four-hour chart of LUNA/USD, if the price breaks and sustain over the $1 level, it would not only confirm the positiveย tendency momentum of the cryptoย token but likewise open up opportunities for further profits. Theย preliminary targets for such an upward move would be $1.2, followed by $1.5 and $2.
Nonetheless, traders would closely observe certain indicates to validate this positiveย tendency scenario. 1 important factor would be Terraย (LUNA)โsย capacity to overcome potential resistance from sellers clustered around the 50-day Exponential Moving Average (EMA) represented by the blue line. Inย addition, a successful breakthrough over the 200-day EMA, showed by the green line, would further reinforce the positive outlook for LUNA.
Terraย (LUNA) Price Prediction โ LUNA/USDT Daily Chart Analysis
LUNA/USDT. Source: Tradingview.comTerraโs Terraย (LUNA) cryptoย token has experienced a wholeย lotย of price decline, and its investors are asย ofย now facing a precarious situation. The levelย ofย support broken at $1.1 lowered the price to $0.9, showing a shift in market sentiment. The ongoing sell-off and overall instability in the digitalย currency market could exacerbate the situation.
Althoughย while a recent levelย ofย support was established at $0.88, thereย is no guarantee that it will be sufficient to withstand the bearish pressure. Terraย (LUNA)โsย price may continue consolidating, trading betwixt $0.90 and $0.98. Nonetheless, itโs criticalย to note that these projected losses could extend even further.
Analyzing the charts, we can likewise observe that Terraย (LUNA) is trading below all major moving averages on both the four-hour and daily timeframes. This suggests a negative tendency and shows that the cryptoย token faces wholeย lotย of resistance from these moving averages, including the 50-day EMA and the 200-day EMA.
Nonetheless, the RSI argues that Terraโs Terraย (LUNA) price has exhausted the downtrend and is preparing for a rebound as it sits on the lower end of the neutral region, slightly over the oversold area.
For a positive outcome to occur from the recently oversold conditions, bulls must overcome their fear and rejoin the market, restoring Terraย (LUNA) buying volumes. For Terraย (LUNA) toย maintain the goย up, it must surpass the upper range limit of $1.1.
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