Terra LUNA Price Analysis: What to expect after a 300% rally in 24 hours

Terra LUNA Price Analysis What to expect after a 300% rally in 24 hours

Disclaimer: The opinion expressed in this article is opinion only and should not be taken as financial advice. Coinmash has no involvement with any assets discussed and urges everyone to do their own research before making any financial decisions.

  • Terra’s LUNA price rallied 300% in less than 24 hours.
  • LUNA shows a classic ramping pattern on the Volume Profile Indicator suggesting more uptrend gains for the future.
  • This thesis remains bullish, providing that the  May 31st swing low at $1.45 remains unbreached.

Terra’s LUNA price has surprised the market as the controversial digital token surges past all monthly highs established during the summer.

Terra’s LUNA price moons

Terra’s LUNA price currently auctions at $5.18 as a profit-taking consolidation ensues after the bulls have produced a jaw-dropping 3x rally in just 24 hours. The volume profile indicator has surged in buying pressure as a classic ramping pattern has been established. If the bull run is genuine, an additional 110% rally targeting the 1.618 Fibonacci projection at $10.38 could occur in the coming days.

Traders looking to enter the market should consider waiting for a three-wave pullback to avoid an unnecessary trap. A Fibonacci retracement tool surrounding the entirety of the 3x bull run suggests the LUNA price could retrace into the $3.25 zone in the short term before more ascension occurs. 

LUNA USDT
LUNA USDT

For the risky bulls looking to make gains, an entry at the current time could still yield a profit, as the ideal retracement is not guaranteed. Either way, invalidation of the bullish thesis should remain below the swing low at $1.45. 

Disclaimer
All articles published on Coinmash are strictly for informational purposes only. Any action that is taken from reading content published on this website is done at your own risk. 

About the Author
Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.