Terra (LUNA): Evaluating Whether Bulls Can Push Beyond This Order Block
Terra saw an impressive run on its charts within the recent weeks. Early March news revealed that several platforms had LUNA worth $30 billion staked, higher than Ether’s $27 billion. That corresponded with a massive rally on Terra charts, accompanied by candid demand.
However, this bullish momentum lost some strength within the past couple of days, and LUNA price traded inside a range. Is there an imminent breakout of bears are preparing their weapons to dominate again?
LUNA – 1Hr Timeframe
The alternative token has maintained its price movements within the $85.1 – $94.8 in most sessions last week. Despite the $83 deviation, this range remains crucial due to the mid-range area at $90. Remember, this area consistently served as resistance and support over the past week.
Meanwhile, the price action shows a bearish engulfing candlestick accompanied the March 14 range highs retest. That indicated a pessimistic order block around the range peaks and regions where sellers might unveil their strength again. Rejection at this territory would likely send LUNA lower to the range lows to look for liquidity.
Reasoning
LUNA indicators seemed to support downtrends. The Relative Strength index formed equal peaks as the price printed higher highs, even with the RSI showing massive bullish power. That showed that the momentum might have run out of strength even with LUNA pushing higher.
The Stochastic Relative Strength Index made a bearish cross into the overbought area, whereas the on-balance volume hasn’t made a new peak over the previous week. Nevertheless, this might change in the upcoming hours if the alt breaks past $94.5 and retest the level as demand a zone. However, a move back to $90, then $85, seems plausible at this publication.
LUNA exhibited upside bias at this writing, changing its bullish hands near $95.67. Maintaining the uptrends would see Terra keeping the $94.5 level away, translating to steady gains. However, a broad market outlook remains vital for the alt’s upcoming trend.
Final Thought
Indicators displayed the possibility of LUNA moving towards range lows. Moreover, the price function revealed a visible order block around $94. This value area remains critical in LUNA’s upcoming directional bias.
Editorial credit: Casimiro PT / shutterstock.com
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