While the crypto space is hopeful for a short-term bounce, the ongoing correction may indicate the resurgence of the bears. Terra (LUNA) price was closer to hitting a double-digit figure and Terra Classic was approaching $0.0006 when the bears quickly jumped in to squeeze the rally.
Presently, both the sister tokens are attempting very hard to regain the bullish trend, but until the markets remain bullish, these tokens could continue to be within the distribution phase.
- The LUNC price continues to trade within the raising wedge which is generally considered as bearish
- Currently, the price is holding the lower support and may ignite a strong rebound very soon
- The upswing may carry the price back towards the monthly highs close to $0.0006 which may further result in a significant drop ahead
- The price could fall back to the lower support and if the bulls fail to hold, may eventually slice through these levels and plunge below $0.0004 levels.
- However, the price may not remain under $0.0004 for a longer time as the bulls get a good opportunity to get into the game
- Terra price is manifesting a complete diverse trend as despite being bearish, the asset is trading within a bullish pattern
- The asset has dropped not because the bears extracted their profit, but mainly due to the bulls taking a back-foot as the buying volume has dropped heavily
- Presently, the LUNA price needs to rebound from the lower support and hit the upper resistance, where-in the asset may find itself within a decisive phase
- If the bulls regain their strength, the price may eventually breakout out off the bullish flag to rise above $8
- On the other hand, if the price fails to hold the support, it may drop to the levels between $4 to $5 and ignite a rebound, which appears to be more unlikely at the moment