- Terra price has witnessed a 300% bull rally in under 19 days.
- Now, the buyers are facing immense selling pressure around the all-time high at $21.85.
- Momentum Reversal Indicator (MRI)’s breakout line at $22.7 will decide if LUNA will skyrocket or crash.
Terra price is experiencing a solid tug as it retests its all-time high. A crucial level stands between massive gains or a steep correction.
Terra price at an inflection point
Terra price yielded 4x returns since March 1. Now, LUNA investors could stand to profit even more if the bullish momentum manages to push through two crucial levels.
These barriers include the all-time high, coinciding with the 100% Fibonacci retracement level and the MRI’s breakout line at $22.7 on the 12-hour chart.
A spike in buying pressure leading to a breakout from these two supply barriers could see Terra price surge another 45% to 127.2% Fibonacci retracement level at $32.68.
LUNA/USDT 12-hour, 1-day chart
On the other hand, investors need to note that the overall cryptocurrency market is cooling off after the massive bull run in January and February. Hence, during this phase, altcoins’ prices could move sideways or tank, if investors decide to book profits.
Adding credence to the pessimistic scenario is the MRI indicator, which shows that Terra price rally is extended as it presented a red two candlestick on the daily chart. This signal can be interpreted as the top where a reversal should have occurred.
However, due to cryptocurrencies’ volatile nature, LUNA price shot up, ignoring the technical warnings. Regardless, if the bears catch up to the bulls and validate the bearish technical indications, Terra price could experience a long-overdue correction.
In such a case, the pullback could drag LUNA down 25% to the first immediate demand barrier at $15.9, which coincides with the 78.6% Fibonacci retracement level. If the sellers manage to pierce this barrier, then the $12.4 level could be the bears’ last stop.