Stablecoin

Terra Classic

Terra

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/nOru2KUl-e1701092438816.png" class="attachment-full size-full wp-post-image" alt="LUNA price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Terra Price Prediction: In the past three days, Terra Luna (LUNA) has encountered significant momentum, surging by 34% to currently trade at $0.34. This upswing seems to be aligned with the notable growth observed in <a href="https://coingape.com/markets/is-ustc-price-going-to-1/">Algorithmic Stablecoin TeraClassicUSD (USTC)</a>, following a strategic investment move aimed at its revival. This surge in the LUNA price also signifies a decisive breakthrough from the resistance trendline of a prolonged falling wedge pattern, suggesting an early indication of a potential trend reversal. 
Also Read: <a href="https://coingape.com/terra-luna-classic-community-passes-crucial-proposal-lunc-and-ustc-price-skyrockets/">Terra Luna Classic Community Passes Crucial Proposal; LUNC And USTC Price Skyrockets</a> 
<h2 id="strong-is-luna-heading-to-3-strong">Is $LUNA Heading to $3?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The LUNA price rising for three consecutive days with increasing volume indicates sustainable growth.</li> 
 <li style="font-weight: 400;" aria-level="1">Completing the falling wedge pattern sets the coin LUNA price for 200</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the LUNA coin is $688 Million, indicating a 355% gain.</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/n/nOru2KUl.png" alt="Terra Price Prediction" width="1946" height="1105">Source- Tradingview&nbsp; 
Over the past year, the Luna Price has maintained a consistent downtrend, following the development of a <a href="https://coingape.com/education/falling-wedge-pattern-what-to-do-if-it-appears-on-a-crypto-chart/">falling wedge pattern</a> with two dynamic trendlines acting as both resistance and support.&nbsp; 
However, the convergence nature of this pattern signals a reduction in bearish momentum, indicating a potential downturn in maturity. After encountering multiple rejections at the pattern’s upper boundary, the coin price successfully breached this barrier, recording a 10% intraday gain.&nbsp; 
<blockquote>
 This increase appears to be a ripple of the growth in USDT stablecoin after <a href="https://coingape.com/breaking-utsc-price-is-skyrocketing-today/">Terra Classic Lab acquired $25.6 million USTC</a>, valued at approximately $500,000, as part of its treasury strategy, purchased at an average price of $0.021.&nbsp;
</blockquote> 
At present, the LUNA price is trading at $0.83, and if the buyers maintain levels above the breached resistance, they could potentially continue the recovery rally as indicated by the channel pattern, targeting around $2.54, followed by $3. 
<h2 id="strong-is-this-recovery-sustainable-strong">Is this Recovery Sustainable?</h2> 
Examining the daily timeframe chart reveals a long-wick rejection connected to the breakout candle, suggesting that buyers are encountering difficulties in sustaining these higher levels. Failure of the news-driven rally to maintain this breakout might nullify the previously mentioned bullish thesis, potentially resulting in a bull trap that could intensify selling pressure, causing the price to drop back to $0.55 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope currently stands at 39%, indicating a potential exhaustion point that might support a minor pullback</li> 
 <li style="font-weight: 400;" aria-level="1">Super Trend indicator: A green film on the daily chart of this trend-defining indicator signifies a positive sentiment prevailing in the market.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/terra-price-prediction-buyers-break-400-day-barrier/">Terra Price Prediction as Buyers Break 400 Days Downtrend; Is $3 Next Target?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Terra Price Prediction as Buyers Break 400 Days Downtrend; Is $3 Next Target?

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