Technical Analysis for LUNUSD for 26th April 2022
Terra Adds 7%, LUNA Bulls May Break Above $100
Past Performance of LUNA
LUNA is firm versus the USDT in the previous trading week, adding seven percent and outperforming BTC.
Technically, buyers are in the driving seat following impressive gains on April 18. The wide-ranging bull bar defines the short- and medium-term trend of Terra.
Any expansion above $100 may fast-track the leg-up to 2022 highs in a buy trend continuation pattern.
LUNA Technical Analysis
Although there were fears of a bearish takeover, the confirmation of bulls on April 25 halted the correction. At spot rates, aggressive LUNA traders may search for entries on every retracement inside last week’s trade range from an Effort versus Results perspective. As long as LUNAUSDT trends above $75, traders may accumulate in expectation of trend resumption, lifting the coin towards $100. Further gains above last week’s highs may embolden Terra bulls, pumping the coin towards $120.
However, if sellers press lower, forcing the coin below last week's low, Terra may quickly tumble to $60 in a bear trend continuation pattern. This breakout will confirm the sell-off of April 11 as LUNA reacts from the 61.8 percent Fibonacci retracement level of the April 4 to 17 trade range.
What to Expect from LUNA
Terra is a vibrant ecosystem and one of the most aggressive promoters of DeFi adoption. Fundamentally, LUNA has support and is reflecting on the daily chart.
Resistance level to watch: $100
Support level to watch: $75
Disclaimer: Opinions expressed are not investment advice. Do your research.
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