- Terra’s LUNA price has lost 60% of market value since rallying 300% last week.
- LUNA's recent descent comes under relatively low volume.
- Invalidation of the bullish thesis is a breach below the origin point of the previous run at $1.50.
LUNA price could provide many profitable opportunities for day traders in the coming days.
Terra’s LUNA price could rally up to 160%
LUNA price should be on every day-traders' watch list this week. Since the shocking 300% bull run that occurred last week, the LUNA price has lost 60% of market value The decline has created a wide trading range and could become a volatile market with great trade opportunities.
LUNA price currently auctions at $2.85. A Fibonacci Retracement tool surrounding the $7.71 peak and the recent swing low at $2.35 has a 61.8% level at $4.80. A pullback into this zone would recover 80% of lost market value.
ADA USDT 12-Hour Chart
At the current time, the RSI is not showing the divergence needed for an early entry. However, there are divergences between the previous Wave 2 and the current decline, which suggests that a $10 target could unfold if Wave 1 at $2.21 remains unbreached. The Volume Profile Indicator confounds the idea of an additional rally as the current decline comes under relatively low volume.
Still, the safest invalidation of the uptrend scenario is a breach of the previous rally's origin point at $1.50. Under no circumstance should the LUNA price retest this level, in doing so, the entire uptrend would be void, and LUNA could fall an additional 80% to tag a previous intraday Volume Point of Control (VPOC) mentioned in previous outlooks.
In the following video, our analysts deep dive into the price action of LUNA, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Turn off Solana and win $400,000 - Solana Foundation executive announces offer
Solana has been touted as an Ethereum killer, but as with every blockchain in the crypto market, the network does not come without its fair share of issues. While many who get hacked or exploited deal with the issues after the fact, Solana intends to get a step ahead by making a very lucrative offer to white hat hackers.
Grayscale vs. SEC deadline: Commission faces a midnight Friday deadline to challenge August 29 loss
Grayscale Investments secured a resounding victory in its longstanding case against the US Securities and Exchange Commission in late August. The lawsuit started in October after the firm approached the D.C. Circuit Court pushing to have its Bitcoin Trust converted to an Exchange-traded fund.
Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit
Loom Network token is highly bullish, passing as a rather lucrative investment for scalping traders, buying and selling the asset within a short period to make small profits.
Voyager founder charged by CFTC for fraud and by FTC for misleading investors that lost $1 billion
Voyager was among the first crypto companies to collapse and file for bankruptcy in 2022. While the platform has been making efforts to return its customers' assets since then, it looks like the regulatory bodies are not willing to be patient.
Bitcoin: Can BTC bears challenge crypto’s 2023 bull rally?
Bitcoin (BTC) price is at a critical juncture in the weekly time frame, where bulls and bears are battling for control. However, a multi-time-frame analysis shows that BTC is bullish daily and is likely to rally higher.