Terra LUNA Price Prediction: A pullback worth pushing for

Terra LUNA Price Prediction A pullback worth pushing for

In Short

  • Terra Luna Classic trades sideways for over two weeks, a sharp move will likely resolve the stalemate.
  • LUNA price shows a tempered Volume Profile during the current downtrend, hinting that the downtrend is losing strength.
  • Invalidation of the bullish thesis is a break below the previous support level at $1.96.

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.

LUNA USDT 4-Hour Chart
LUNA USDT 4-Hour Chart

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.

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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.