Amid the ups and downs of the market, Terra price has shown tremendous strength in its rally not seen in most crypto assets. The best DeFi token shows the huge potential to hit the crucial levels around $100 soon. As the asset soared high with tremendous momentum, the high target formed is currently increased by nearly 15% to 20%.
LUNA price after testing the levels close to the ATH just above $100, later faced a minor rejection and consolidation. However, the asset is currently about to undergo a massive breakout as today’s candle is on the resistance line. In addition, a hard battle between buyers and sellers forces the price to almost stagnate. Therefore, the next few hours are extremely crucial because if the buyers run out, the price could slide back into the triangle.
The LUNA price is quite foggy in the near term as the RSI is hovering above the average levels but with less intensity and therefore could take a turn depending on the volume. On the other hand, the MACD is quite bullish as a significant ‘buy’ signal could be flashed very soon. However, the Average Directional Index (ADX) is bearish meaning the price rally is weak and also less volatile. In addition, the bears are in control in the short term, which is why a breakout over $100 seems like a tedious job. Still, Terra price has risen above crucial levels at 50-day and 200-day MA levels, manifesting a clear bullish trend
Since the selling pressure appears to be equal to that of buying Terra (LUNA), the price may find itself in hefty situations to overcome. However, it is interesting to see who becomes exhausted, buyers or sellers. Since the other participant can catch up with the rally in no time.