Terra (LUNAUSD) Bears Deal First Blow to the Market
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Terra Analysis – Bears Deal First Blow to Plunge the Market to a Low Price
Terra bears deal the first blow to bring the price out of consolidation. The resistance within the consolidation is $118.250, while the $75.000 price level served as support for the price. In between the two key levels is the $97.600 price level, which is acting as a mid-level. Shortly before the bear dealt the first blow, the price was found ranging between $97.600 and $75.000.
Terra Key Levels
Resistance Levels: $76.500, $97.6000, $118.2500
Support Levels: $0.0001, $23.900, $59.200
The coin commenced operation at the beginning of March and immediately dropped to find support at $75.000. The support level in turn pushed the price upward. The uptrend was a bit draggy and there was slight resistance at $97.600, but Terra would eventually surmount the barrier and fly to reach $118.250. However, at this level, LUNAUSD suffered rejection, which dipped the market back to the initial support.
The dip in price wasn’t straightforward as bulls attempted to influence the price at different junctions. An instant reaction at the support level happened, and the bulls recovered. However, the $97.600 mid-price level remains impenetrable this time around. This shortens the movement distance of the price, allowing the bears to conveniently deal a bearish blow to the coin. The Parabolic SAR (Stop and Reverse) has confirmed bearishness with overhead dots.
Market Expectations
The 4-hour chart shows that after the market breaks downward, despite the strength of the bears, buyers still put in their efforts at certain key levels. This is majorly at $23.900 and, to a lesser extent, $59.200. But bears had it all their way and the price plunged into a low value at $0.001. With the Stochastic deeply entrenched in the oversold region, a reversal can be expected towards $59.200.
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