Bombolo | News and Media
In November, the price of Terra LUNA rose by more than 140%, reaching $1. After that, it started trading in a pattern suggesting a decrease in buying interest. The price of Terra LUNA 2.0 stayed within a range of $0.6597 to $0.7980 for a short time. Later, it lost momentum and experienced a sharp drop in price.
Following the drop, the price moved sideways between $0.5599 and $0.6597 for more than a week. When the market picked up again, the price broke out of this range and increased by 36%. However, it faced resistance at $0.8997, causing a halt in the upward movement.
After the earlier movements, the price of LUNA coin stayed relatively stable for a period, moving neither significantly up nor down.
Also Read: The Future of Luna Classic (LUNC) and Its Potential to Reach $1 Again
Breakout:
The price then experienced a lot of ups and downs, but eventually, the buyers (bulls) successfully surpassed a crucial barrier at $0.8997. This breakthrough led to a substantial increase of around 60% in the coin's value. However, the joy was short-lived as the price was turned away at $1.2609, meaning it faced difficulty surpassing this level, resulting in a temporary stop to the upward movement.
Bullish Scenario:
If the buyers (bulls) successfully push the LUNA price above the resistance level of $0.9938, it may regain momentum.Breaking out of the descending channel pattern is the next step, and if achieved, the price could continue rising towards the upper resistance level of $1.1358.Sustaining at this level could set the stage for a potential attempt to reach the higher high of $1.2609 this month.
Bearish Scenario:
On the other hand, if the sellers (bears) maintain control, the LUNA price may lose momentum and fall towards its support level of $0.8997.If bearish dominance persists, the price might further decline and approach its lower support level of $0.7980 in the coming days.
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