- Terra price has surged by 30% in the first 5 days of December.
- The 24-hour trading volume has dropped by 27.12% to $269.52 Million.
Terra (LUNA) price has experienced strong buying pressure for the last few weeks. Amid this bull run, the LUNA coin price has escalated by 120% since November and has smashed key moving averages. LUNA is a native cryptocurrency of the Terra ecosystem.
LUNA’s recent trajectory has attracted the attention of both institutional and retail investors during a period when the larger cryptocurrency market has been experiencing price fluctuations. Many other altcoins are having difficulty gaining traction at this precise moment, but the asset is quickly recovering.
Could LUNA Price Hit $10 Mark: Analysts Weigh In
Javon Marks, a cryptocurrency analyst, is closely monitoring LUNA’s price action. Marks believes the cryptocurrency is “warming” up for a much bigger move. Marks shared the increasing volume of purchases of Terra’s native token with his followers on Twitter.
According to him, LUNA has broken out of several price structures, which could indicate the beginning of a significant upward move.
However, if the current price action holds, LUNA Classic will soon see sizable gains. This opinion is held by other market analysts, who see the recent spike as a watershed moment for LUNA.
In just one day, $LUNA has increased by 21%, a price movement that is drawing attention on cryptocurrency trading platforms. The most recent data shows that LUNA is trading at levels that haven’t been seen in a long time, following a period of relative decline.
Technical Analysis of Terra Price Over 1-D Timeframe
LUNA crypto was trading at $0.7199 at press time with an intraday loss of 0.5%. The market capitalization was $494.7 Million and the 24-hour trading volume was $265.922 million.
Since November, the Terra price has received continued pushes and buyers have remained strong. It rose steadily, taking small pullbacks. Amid this bullish rally, the price has exceeded a major resistance zone — $0.700.
If the price manages to hold over the $0.700 mark, a buying signal could be generated. Buying pressure over this zone could lift the price to the psychological level of $1. If bulls remain strong, a massive bullish rally can be anticipated.
Conversely, if the price starts trading below this level, a profit-booking scenario can be generated. At this point, profit booking may result in strong selling pressure.
Terra LUNA Price Analysis and Forecast
LUNA coin has demonstrated a robust recovery, with a 30% surge in early December and an impressive 120% increase since November.
Analysts, including Javon Marks, are optimistic about LUNA’s potential to achieve further gains, especially if it can sustain its position above key resistance levels.
The trading dynamics suggest prolonged buying pressure may lead LUNA to reach the psychological $1 mark.
However, caution is warranted, as any decline below this threshold may trigger profit-taking and result in selling pressure. Overall, the outlook for LUNA remains positive, contingent on its ability to maintain upward momentum in the coming days.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
