- TERRA Token continues to resonate within an indecisive triangle pattern, avoiding further downfall.
- The 50 EMA breaks the 100 and 200 EMA generating death cross signal in the daily technical chart.
- The LUNA/BTC pair trades at 0.0001580 BTC with an intraday fall of -2.86%.
TERRA Token price faced rejection of more than 70% after hitting the $18 mark. The coin price found support near the $3.55 mark, resulting in forming the current symmetrical triangle.
The coin price is trading below all the critical EMAs in the daily chart, with the recent death cross projecting a further increase in underlying bearish sentiments.
The TERRA token price trades at $5.17 with a gain of 0.87% in the market cap within the past 24 hours. Furthermore, the intraday trading volume of the coin has fallen 49% in the past 24 hours. LUNA dominates 0.17% of the crypto market with a market cap of $2,166,183,370.
Indecisive Pattern Shielding TERRA Token From Hostile Market Conditions
TERRA Token has been resonating within the triangular pattern after the halt in the massive sell-off near the $3.5 mark. The technical chart has observed a declining trading volume projecting the loss of interest among investors or investors holding the coin for the long term.
Any bullish breakthrough may find opposition near the $8.09 and $11.86 levels as per price action. On the flip side, the support level at $3.55 and $1.52 might halt the bearish breakout. Investors might see the price hitting the $1.52 mark in case of a bullish breakout.
The coin price is trading below all the critical EMAs with the full-fledged bearish alignment of all EMAs. Furthermore, the coin price fails to rise above the 50 EMA, projecting the possibility of a bearish breakout of the triangle in the 4-hour technical chart.
The ADX indicates a fall in the trend momentum, but the pattern’s breakout might push it higher. The RSI indicator (Slightly Bullish) shows a rising bullish sentiment as the RSI line trends higher and might soon reach the overbought zone.
Conclusion – TERRA Token may soon observe a breakout of the triangle as the price bottles up within. However, the price action and the technical indicators project the higher possibility of a bearish breakout.
Support – $3.55 and $1.52
Resistance – $8.09 and $11.86