Join Our Telegram channel to stay up to date on breaking news coverage
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.
Terra Luna Alternatives To Buy Today
Before buying LUNA, investors may consider some of the best altcoins in the market offering a better risk-reward ratio and excellent for portfolio diversification. InsideBitcoin’s team releases a weekly review of the best crypto presales to buy for 2023. The tokens listed here are currently in their presales, which means investors would be buying the tokens at a discounted price.
Love Hate Inu is first on the list and stands out from the rest for its revolutionary approach taken to address the issues in the poll and survey industry. This is a blockchain-based voting ecosystem used to empower individuals to freely give their views on a wide range of topics, including entertainment, general elections, celebrities, international and social events.
Built on the Ethereum blockchain, Love Hate Inu fosters a transparent and secure voting process. Users can give their views on the topics without fear of judgment and prejudice because the system protects their identities as they cast their votes.
Love Hate Inu uniquely blends the hype in the meme coin sector of the crypto economy with robust elements of an open yet secure voting process. Armed with these aspects, LHINU could take on larger meme coins like DOGE and SHIB.
Investors can grab LHINU tokens in an ongoing presale at $0.000095. It is worth mentioning that only 2 days remain before the next stage comes and the price rises to $0.000105. As interest in Love Hate Inu explodes, more than $2.01 million has been raised in the fast-selling presale.
Have you seen the dashboard layout for $LHINU? 👀
Create polls 📊
Track rewards 🤑
Follow trending votes with #LoveHateInu🔥You really don’t want to miss it, join the #Presale today!💪🏼🚀https://t.co/Pu2Bo8WOUy#CryptoCommunity #AltCoins #MemeCoins
— Love Hate Inu (@LoveHateInu) March 26, 2023
Metropoly is introducing an innovative way of driving investment into the real estate industry, tapping the decentralized power of blockchain technology.
Users on this platform will for the first time be able to invest in real estate properties around the world within a record 20 seconds, drastically cutting the time from the traditional 60 days needed to complete the purchase of any property.
Want to own a stunning beach house? 🏖️
Metropoly Marketplace has been built to combine the best of real estate investment across the globe. 🌍🏠
Checkout our beta drop 👉 https://t.co/HPcCrqE6GL
Beta 2.0 is LIVE. 🔥#crypto #web3 #nft pic.twitter.com/xbjBzjFLBw
— METROPOLY (@metropoly_io) March 28, 2023
Metropoly is building the first innovative NFT marketplace to bolster investment in income-generating properties, while at the same time, eliminating the need for intermediaries like banks which often introduce hidden fees.
NFT owners can benefit from their ownership by selling their NFTs whenever they want and enjoying the increase in value.
Investors are buying METRO tokens in an ongoing presale that has bagged $1.05 million. At stage 10 of the presale, 1 METRO is selling for $0.0714 and users are requested to hurry because this is the last chance before the token lists on exchanges for the first time.
Related Articles:
- Ethereum Price On The Move To $2,000 As Devs Confirm Staking Withdrawals
- Rogue Nation’s Group Launders Stolen Currency Via Crypto
- FDIC Tells Signature Bank Crypto Clients To Close Accounts By April 5
Join Our Telegram channel to stay up to date on breaking news coverage
