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

By Rekha chauhan
January 31, 2022 Updated January 31, 2022
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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.

Source” Trading view

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.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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