Amid increased price volatility in the crypto market, the Terra 2.0 has regained momentum. Moreover, it has surged ~45% from its low of $0.2513 over the past three months.
Will Terra 2.0 retest its yearly high of over $1? Or will this altcoin lose momentum and plunge toward a new ATL this Q4? In this article, we have covered the short-term price prospects of Terra LUNA 2.0.
Terra Token Displays Increased Price Volatility
In spite of recording a drop of 1.81% in the past 24 hours, the LUNA 2.0 token has constantly recorded higher lows in its price chart. This has resulted in it forming an ascending channel pattern in the 4H time frame.
However, looking at the longer time frame, it has dropped 6.67% during the past 30 days and has a Year-to-Date (YTD) return of -56.23%. This indicates a long-term bearish sentiment for the altcoin in the crypto market.
Terra LUNA Technical Sentiments
The Simple Moving Average (SMA) has displayed a sharp decline and is on the verge of experiencing a bullish convergence in the 4H time frame. This highlights a high possibility of a bullish reversal in the coming time.
Further, the RSI indicator has stabilized below its neutral point in the LUNA price chart. With its averages hinting at a potential positive crossover, the Terra token may continue gaining value this week.
Will Terra LUNA Price Hit $0.40 This Uptober?
If the bulls regain momentum, the LUNA 2.0 price will retest its resistance level of $0.370. Maintaining the price at that level could set the stage for it to head toward its upper resistance level of $0.40 during the upcoming week.
On the flip side, if the bears overpowered the bulls, the LUNA token will drop toward its support trendline. Moreover, if the uncertainty intensifies, this could pull this altcoin toward its crucial support level of $0.340 in the coming time.
Wondering about the price prospects of this Terra token? Read our Terra LUNA Price Prediction 2024 – 2030!
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