Terra Price Analysis: LUNA Coin Could Reclaim The Three-Digit Milestone

The Terra coin price has recently been through another minor correction which plummeted its price to the new support level of around $80. The coin price was discounted by 21.5% during the pullback, attracting even more traders to buy this dip.                                                                  

Terra Key technical points: 

• The LUNA coin price obtains strong support from the 20-day EMA 
• The intraday trading volume in the Terra coin is $1.58 Billion, indicating a 9.37% gain.

Source- Tradingview

The last time when we covered an article on LUNA/USD, the coin price tried to break free from its previous All-Time High resistance of $78.5. The increasing underlying bullishness of the coin marked $103.3 as the new ATH before retracing to the breakout point. 

The area near the $80 mark is now flipped into a support level, providing sufficient support to the LUNA coin during the retest phase. The pair showed good follow-up candles, which surged 15% from the bottom support level.

The crucial EMAs (20, 50, 100, and 200) maintain a bullish sequence in the daily time frame chart. Moreover, The 20 and 50 EMA offers strong support during minor pullbacks.

The daily Relative Strength Index (63) has its own swing high and swing low rally trying to approach the overbought territory.

Terra Coin Price Resonating In A Rising Wedge Pattern

Source- Tradingview

The emerging rally in the LUNA coin shows the formation of a rising wedge pattern in the 4-hour time frame chart. Though this pattern leads a bullish rally, the coin poses a significant threat for a sell-off when the price breaks down from the support trendline.

Having said that, the crypto traders can still maintain a bullish sentiment until the price sustains above the support trendline and $80 support. The pair is currently trading at the $92.51 mark, providing an intraday gain of 3.44%.

As per the traditional pivot level, the coin traders can expect the $102 and $114 to play as important resistance levels. Whereas the support levels are at the $91.5 and $79.3 marks.