Terra Price Analysis: LUNA Coin Breaks The All-Time High Resistance Of $55.24; The Rally To The North Continues

The LUNA coin projects a strong uptrend in this chart. On November 30th, the coin breached the previous ATH resistance of $55.24, indicating even more potential for this coin. The recent news that interests the crypto investors was about the Community Spend Proposal 143 to distribute three million dollars worth of $LUNA LM incentive over strategic $UST pools on several chains that have been approved.

Key technical points:

• The LUNA price bounced back from the $1.56 support level
• The LUNA price reclaims the 50-day EMA line
• The intraday trading volume in the LUNA coin is $219.3 Million, indicating a 3.04% hike.

Source- LUNA/USD chart by Tradingview

The LUNA/USD chart displays steady higher highs and higher lows in the technical chart. On November 10th, the coin price made a new high of $55.24 and initiated another retracement phase. The coin plunged to the 38.75 support, wherewith the contribution of the 100 EMA line, the price obtained sufficient support to begin a new rally.

The crucial EMA’s(20, 50, 100, and 200) confirms the uptrend for this coin, as its price trades above all these EMA lines. The Relative Strength Index(69) presents an impressive recovery in its chart, supporting the ongoing rally.

LUNA/USD 4-hour Time Frame Chart

Source- LUNA/USD chart by Tradingview

In addition to the horizontal resistance level of $54.73, the LUNA price has also breached the ascending trendline, which was acting as dynamic resistance to the price. The price provided a good retest to these supports and continues to rally ahead. 

According to the traditional pivot level, the crypto trader can expect the next resistance level for the price at $67, followed by $75.5. And on the flip side, the support levels are $54 and $47.6