LUNA’s price has rebounded by more than 10% in the past 24 hours.
The technicals now suggest that further price appreciation can be expected.
A spike in buying pressure could see prices rise towards $93.
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Terra’s native token LUNA has suffered a minor correction over the last few days after outperforming much of the crypto market. Now, it appears that the digital asset has found support and is preparing to rebound.
LUNA Looks Ready to Bounce
LUNA appears to be preparing for a significant rebound after the recent 22% correction it went through.
The altcoin has found strong support around $77, and its recent price action suggests that a bullish impulse is underway after rebounding by more than 10%. The downtrend appears to have reached exhaustion, which could position LUNA to resume its uptrend.
The Tom DeMark (TD) Sequential indicator presented a buy signal on LUNA’s 12-hour chart. The bullish formation has developed in the form of a red nine candlestick. A spike in buying pressure could help validate the optimistic outlook, resulting in one to four 12-hour candlesticks upswing or the beginning of a new upward countdown.
The Fibonacci retracement indicator, measured from Jan. 31’s low at $43.40 to Mar. 2’s high at $97.40, suggests that the potential bullish impulse could extend to $93. This fundamental resistance level could prove challenging to break, but if the bulls manage to slice through it, prices could advance towards a new all-time high of $112 or even $120.
As prices begin to rebound, it is essential to consider how LUNA reacts as it approaches the $93 level. Any signs of weakness around this price point could encourage traders to book profits, triggering another correction.
Under such unique circumstances, LUNA could take a nosedive to the $77 support. But if this level breaks, a downswing to $70 becomes imminent.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
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