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.
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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.
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