Terra’s LUNA Regains The Upside, Advances Towards $52.00

Terra (LUNA) price snub the early session’s losses and recovered to touch the day’s high at $52.10. Buyers flip around the current support level. At the press time, LUNA/USD is trading at $51.33, up 10.82% for the day.

• Terra’s Luna price gains 11% on Monday, amid US dollar weakness.
• Volumes supported the upside momentum advocating the strength in the price.
• Luna recovered from the Wonderland controversy.

Wonderland controversy subsides at the start of the week

Luna recovered from the opening lows of $43.45 to end the last day of the month in gains. The rout came to the surface on the Weekend, on Twitter a user revealed that Michael Partyn was managing Wonderland’s treasury. He was earlier in infamy for the failed Canadian crypto exchange QuadrigaCX, which was framed as the biggest crypto scandal in history in 2019.

On the daily chart, Terra’s LUNA price has devalued 58%  from ATH.  The price has taken support around the 50 DMA four times with little hiccups in between. However, the price book a single day biggest fall on January 21 with a loss of 23%.

The daily relative strength index (RSI) reads at 36 while trading in the oversold zone. An uptick in the momentum indicator could result in the 23% surge toward the 50 DMA at $74.59.

Furthermore, market participants could test the horizontal resistance level at $90.00.

On the flip side, a decisive break below the session’s low could result in the exploration of the $40.00 level by the investors. The levels were last seen in October.