Terra LUNA bulls are making a comeback, but can the price break out of the descending channel and reach conservative targets like $1.25 and $2, as investors return from the sidelines following strategic partnerships and ecosystem developments?
Terra (LUNA) bulls have made it over $0.85 after the crypto token briefly dropped to $0.8240. With Terra (LUNA) price climbing by almost 3 percent in the previous day from support, investors would be looking forward to a rewarding weekend.
In the meantime, Terra (LUNA) price is doddering at $0.8630 on Friday supported by $23 Million in trading volume.
Investors are likely to be returning from the sidelines following the past few strategic partnerships and increasing developments within the ecological system, touching on governance, integrations, and listings.
That stated, this analysis hinges upon the assessment of Terra (LUNA) price profitability in the coming few days in addition to a longstanding outlook for one of the most critiqued coins in the industry.
As Downside Pressure Fades, Can Terra (LUNA) Price Blast Out of Descending Channel
Terra (LUNA) price has been sliding within the confines of a descending channel since February after it climbed to reach a new yearly high at $2.52, as illustrated in the daily chart.
This pattern typically forms when the price of an investment is trending downwards, with a series of lower highs and lower bottom Line. 2 parallel trendlines are then drawn to encase the price during a “channel”.
Traders typically interpret this pattern as a to continue signal that the downtrend is very likely persist. This is because the parallel trendlines suggest that the selling pressure is still strong and that any minor upward price movements are likely to be met with resistance at the upper trendline as embodied by Terra (LUNA) price since early February.
The lower trendline, on the other hand, acts as a key level of support that indicates a possible reversal if it stays intact – not breached.
Even in its rudimentary form, the descending parallel channel is one of the easiest technical patterns to trade as it marks resistance and support levels, allowing traders to set entry and exit points more confidently.
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