LUNA/USD continues to find plenty of speculative attention and it remains near all-time record values which were achieved on the 27th of December when Terra coin climbed over 100 USD in value briefly. The ability of LUNA/USD to now traverse the 90.00000000 and above territory with relative comfort is a demonstration of the force Terra has created with its dynamic speculative run higher. On the 25th of September, LUNA/USD was trading slightly under 25.00000000.
While the broad cryptocurrency market has struggled with headwinds in recent trading and many of the major cryptocurrencies have had problems maintaining their record levels, LUN/USD continues to produce rather astonishing moves higher. However, a one-way avenue for traders is not guaranteed and violent reversals could develop for Terra, which could cause troubling speculative losses. Traders are highly encouraged to use stop loss orders to guard against sudden spikes downward.
Traders will also notice that volumes on LUNA/USD are still not extraordinarily high. Technically, this can be examined via charts using candlestick formations which show prevalent gaps in trading, particularly with short term viewpoints. The current price of LUNA/USD is moving fast and is near the 88.40000000 mark. The vast climb LUNA/USD has made in recent trading certainly creates the notion that it may be within a speculative bubble. If over-exuberance within Terra coin subsides, a move downwards could be violent.
From a risk reward perspective, traders must use entry level orders to trade LUNA/USD to protect against strange fills which may not feel transparent. If short term support near the 87 USD level is able to be maintained traders may be tempted to look for additional upside potential. Traders should use take profits and not be too overly ambitious with Terra coin.
Terra coin is of definite interest because a lot of its influence comes from South Korea and the cryptocurrency has a business model it is pursuing. Buying LUNA/USD on reversals lower may prove worthwhile, looking for quick trading higher and upwards action is the trend speculators may want to wager on. However, buyers should be aware of broad market cryptocurrency sentiment short term which appears to be nervous and may create headwinds on occasion near term.
Terra Short-Term Outlook
Current Resistance: 90.20000000
Current Support: 87.70000000
High Target: 98.4600000
Low Target: 85.70000000
