Terra’s Luna Price Prediction As $45 Million In Trading Volume Comes In – Can LUNA Swing To $2.4?

Terra’s Luna price continues to sustain a downtrend despite the bullish outlook in the crypto market, especially for selected cryptocurrencies in the ten like Bitcoin, Ethereum, and XRP. In the face of a 25% increase in trading volume to $45 million, LUNA has lost 0.45% of its value in 24 hours to trade at $1.29 at the time of writing.

LUNA and other Terra blockchain’s native tokens have been on a persistent decline since last week following reports that the platform’s founder Do Kwon had been arrested in Montenegro.

Since then Terra’s Luna price is down 6% in seven days, translating to a cumulative 25% loss over a 30-day period.

Terra’s Luna’s Price Eyes Wedge Pattern Breakout

Terra’s Luna price has traded between the confines of two falling trendlines; where one is connecting a series of lower highs and the other a series of lower lows since January 21 when the token surged to $2.50.

Attempts to keep LUNA from stretching its leg further downstream failed at several levels including $2.00 and $1.60. LUNA later settled above a buyer congestion zone highlighted by the yellow lower band on the daily timeframe chart.

A breakout is in the offing at the time of writing as Terra’s Luna price battles to break out of the falling wedge while holding support at $1.24. A falling wedge is a reversal pattern that comes into the picture following an extended downtrend.

As the trendlines draw closer to each other, Terra’s Luna price consolidates, characterized by a decrease in trading volume. However, as the token closes in on the breakout at the upper trendline, the trading volume starts to rise.

Therefore, traders would be looking forward to triggering their long orders slightly above the wedge pattern, with the upswing accompanied by a spike in trading volume. LUNA is expected to retest resistance at $1.60 following the breakout in addition to paving the way to gains targeting $2.40.

Assessing Terra’s Luna Price Short-Term Profitability – 4-Hour Chart

Terra’s Luna price presents a slightly more bullish outlook on the four-hour timeframe with the Moving Average Convergence Divergence (MACD) indicator donning a buy signal. This call to buy LUNA came into play when the MACD line in blue flipped above the signal line in red, implying the upside momentum was higher.

Additionally, it should be noted that LUNA has formed a double-bottom pattern which has the potential to result in a surge of 48% above its current market value of $1.29, reaching highs of approximately $1.92.

Like a falling wedge pattern, a double-bottom formation often culminates in a bullish outcome. It appears on the chart as two consecutive troughs—at relatively the same price level, but separated by a peak, otherwise referred to as a short-term upward trend.

When a double-bottom pattern forms on the chart, it hints at weakening selling pressure, or a bottom set to usher in buyers who would then drive the price upward.

Traders are often encouraged to wait for confirmation before trading this pattern—and this comes into the picture when the price breaks above the peak or the upper trendline to suggest that there is a higher probability of a bullish trend reversal.

Despite the bullish outlook, investors should be aware of Terra’s Luna price position relative to the moving averages. On the four-hour chart, LUNA holds below all the major moving averages, starting with the 50-day Exponential Moving Average (EMA) (the line in red), the 100-day EMA (line in blue), and the 200-day EMA (line in purple).

The first batch of buy orders may be activated above the immediate resistance at $1.30, but more specifically above the 50-day EMA. Day traders could start cashing out at the 100-day EMA at $1.36 and the 200-day EMA at $1.458.

However, stubbornly bullish traders may want to wait until Terra’s Luna price tags the double-bottom pattern’s neckline resistance at $1.58. It is worth mentioning that LUNA will have to break and settle above this critical level to sustain the uptrend to $1.92, as the double-bottom pattern projects.

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