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The Terra price has pumped 8% in the last 24 hours to trade at $0.5005 as of 12:30 a.m. EST on a 538% jump in trading volume to $158 million.
This price surge follows a recent pullback from the $0.8025 resistance level, which triggered a decline to the $0.4115 support zone. The rebound from this region signals a resurgence in bullish sentiment.
Terra Price Bounces On A Strong Support
The LUNA/USDT pair on the daily timeframe is trading at $0.5005, experiencing a slight pullback while remaining firmly supported within the key $0.40 to $0.41 support zone.
The 50-day moving average (MA) is currently at $0.5096, slightly above the price, while the 200-day moving average at $0.4070 provides additional long-term support. The golden cross formed in late 2023, where the shorter-term 50-day SMA crossed above the longer-term 200-day SMA, is a significant bullish indicator, often signaling the potential for a sustained uptrend.
However, for this signal to translate into higher prices, the price needs to hold above key support levels and break through nearby resistance.
LUNAUSDT Analysis Source: Tradingview
The Relative Strength Index (RSI), a momentum oscillator, is at 55.04, which indicates moderate bullish momentum. Being above 50 but below the overbought level of 70, the RSI reflects improving strength in buying pressure. Moreover, the RSI is trending upward and remains above its signal line, further reinforcing the likelihood of a bullish continuation.
The immediate support is around $0.48, just below the current price, with the major support zone between $0.40 and $0.41 acting as a critical safety net. On the upside, $0.55 represents the first significant resistance level, followed by the $0.60 level, which is the reversal target marked by the green arrow on the chart. Breaking through these resistance levels with strong volume would confirm the bullish scenario and likely attract more buyers to the market.
Terra Price Bulls Anticipate More Bullish Momentum
In a bullish scenario, the price needs to sustain above the $0.50 psychological level and break through $0.55 to confirm the reversal. Once these levels are cleared, the market could rally toward the $0.60 resistance area, where traders might take profits or reassess further upside potential.
On the flip side, a bearish scenario could unfold if the price fails to hold above $0.50 and breaks below the $0.48 support. In such a case, sellers might gain control, pushing the price back toward the major support zone around $0.40. A breakdown below this level would invalidate the bullish setup and expose the market to further downside risks.
Bulls might consider entering long positions above $0.52, targeting the $0.60 resistance level, with a stop-loss below $0.48 to manage risk, while bears could wait for a confirmed breakdown below $0.48, targeting the $0.40 zone, with a stop-loss above $0.52 to protect against a false breakdown.
Solaxy (SOLX) Presale Closes On $9 Million – Best Crypto To Buy Now?
As the Terra price gears up for another bullish rally, investors are also flocking to buy Solaxy (SOLX), a new Solana-based meme coin and the first layer-2 solution on the Solana network. It has already raised over $8.6 million in presale funding.
According to a crypto analyst on 99Bitcoins, a well-known YouTube channel with over 719K subscribers, Solaxy could potentially soar 100x after its official launch.
Solaxy is set to solve network congestion, one of Solana’s biggest challenges. Introducing an innovative layer-2 solution will improve the performance of Solana’s network without changing its core infrastructure.
Beyond this, Solaxy will act as a bridge between Solana and Ethereum, combining the liquidity and security of Ethereum with the speed and scalability of Solana. The result is a powerful ecosystem, catering to all the needs of DeFi and meme coin trading.
Hey everyone! 👋 I just came across an exciting project that's set to revolutionize the Solana ecosystem: Solaxy. Let's dive into what makes this Layer-2 solution a game-changer. 🚀 @SOLAXYTOKEN pic.twitter.com/B1f506l5r4
— Sammie Ranking (@Samuel__Martins) December 24, 2024
Additionally, holders who stake SOLX tokens can earn a huge annual return of 404%.
Investors can buy SOLX tokens for $0.001592 each with BNB, ETH, USDT, or a bank card.
With a price increase scheduled in just over a day, buy soon to get the best deal.
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