As the broad cryptocurrency market largely continues to create nervous sentiment, because many of the major digital assets are traversing near important support, LUNA/USD stands almost alone as it stays within sight of all-time record highs. If you are tired and not familiar with LUNA/USD you are not reading the above incorrectly. Terra is trading close to its price range which consists of record high values.
On the 10th of March, LUNA/USD made new apex highs when it broke above the 104.00000000 level, eclipsing its previous record values which were seen on the 27th of December. As of this writing, Terra is trading near a value slightly below 89.00000000 and its low this morning dipped slightly below 87 USD. This morning’s lows tested values not seen since the 14th of March. On the 12th and 13th of March, Terra came within sight of the 85.00000000 but did not penetrate below this juncture.
Traders should not be fooled into believing LUNA/USD has not suffered from volatile price action and seen dramatic reversals. Volatility in Terra is able to demonstrate massive fluctuations, and risk management is essential. Terra was trading at nearly 43.00000000 on the 31st of January, which was less than half the value that LUNA/USD achieved slightly more than one month before towards the end of December 2021.
While LUNA/USD maintains its higher price range however, it remains a speculative feast for traders willing to wager on direction. LUNA/USD continues to provide results which are considerably different than most of the major cryptocurrencies in the mid-term. However, if a trader is skeptical about LUNA/USD trading results, they may be monitoring the 85.00000000 juncture very closely. After making a strong run higher early yesterday and testing the 96.00000000 ratio, Terra did in fact reverse lower.
Broad market conditions in the digital assets remain nervous. If a bearish traders wants to pursue downside momentum with the belief that LUNA/USD needs to fall into line and mirror the larger cryptocurrency market technically that is their choice. However, until LUNA/USD does fall below the 86.00000000 to 85.00000000 price zone and shows that it can create more weakness, betting against LUNA/USD may prove to be costly.
On the 7th of March LUNA/USD was trading near 75.00000000, but it has been able to produce another solid climb higher in the past ten days. Terra is a tantalizing speculative cryptocurrency because it has produced results which are challenging all-time highs occasionally instead of flirting with long term lows. Speculators should use their risk management wisely and base their perceptions on their interpretation of trend. In the short term, buying LUNA/USD near support levels of 88.25000000 and looking for slight reversals higher may prove to be logical wager.
Terra Short-Term Outlook
Current Resistance: 90.86000000
Current Support: 87.59000000
High Target: 101.9500000
Low Target: 84.30000000
