Many technical crypto traders assumed that the price of LUNA was up to a100% increase. The reason for that assumption was an inverted shoulder-head-shoulders formation that indicated a bullish trend reversal. As a result, the price failed to respect the head-and-shoulders formation and continued the sideways phase. How will the Terra LUNA price continue to behave while the crypto market dips? Let’s tackle everything in this LUNA price prediction article!
Terra LUNA Price must decide! Up or down?
The Terra LUNA token price has been forming support at $49.22 for the past few weeks. This support got the third touch on 02/18/2022 and is thus a confirmed support. Since it is common in sideways phases that price, in this case, Terra Luna, targets resistance next after touching support, we assume that to be the case. We anticipate the price to test the $59.44 resistance next to continue the sideways phase.
LUNA Price Prediction – will LUNA increase higher?
The Terra Luna price formed an ABC sequence right after the last crypto crash. This ABC sequence has already hit the first target and has subsequently corrected to the $49.22 support. Since the final goal of the ABC sequence is still open, we assume that we will still achieve it. Thus, the Terra Luna price could soon be around $65. There is the destination of the ABC sequence mentioned.
The crypto market is currently taking a breather, and most cryptos are down. The upcoming movement of the cryptocurrency market will have a huge impact on the LUNA price, as most cryptos tend to follow Bitcoin. With a dominance of around 41.5%, Bitcoin still has a significant correlation with most cryptocurrencies. Failing to have a stronger crypto market in general and a price breaking lower than $49 might signal upcoming lower LUNA prices, specifically towards the $38 price.
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