Terra LUNA price could witness a significant countertrend rally may during the month of October.
LUNA price could get volatile
Terra LUNA price h fluctuated within a narrow range as bulls and bears fought for control of the mid-$2 region. Luna has dropped 70% since making a stunning three-fold surge in September. The 70% decline leaves a huge gap above of potentially unfinished auctions. Although the entry will be challenging, a pullback into the $5 zone is likely to occur someday in the near future.
LUNA price currently auctions at 2.50. The Volume Profile Indicator shows a continuous tapering trend during the bearish fall pattern, indicating a weakening of the downtrend. It is worth noting that the Relative Strength Index has climbed back into support during the sideways price action this month.
Combining these elements, there is a strong likelihood of a rally toward the $5 congestion zone. Early evidence of the anticipated rally might be a surge through the previous resistance at $2.80.
Invalidation of the bullish thesis is a breach below the previous support level at $1.96. Traders should expect a further slide toward the $1.75 zone if the bears breach the $1.96 swing lows; this would represent a 35% decline from Terra’s current market value.