Terra (LUNA) – Opened the gates towards new record highsPosted on Wednesday, March 9 2022 at 9:04 pm GMT+0000
Terra (LUNA) has been surging with strong momentum towards a fresh more than two-month high beyond 100.00. The price recorded two consecutive impressive bullish days underpinning the last couple of months’ bullish structure.
Technically, the positive intersection between the 20- and the 50-day simple moving averages is nourishing the current structure and the indicators are promoting additional positive price action. The ADX is rising above 20 while the positively aligned +DI and the -DI lines are harshly diverging and the KST is north-sloping above its trigger and zero lines.
The bulls lately snapped the previous high at 97.20 and the return line of the regression channel confirmed their leadership. Now they are expected to challenge initially the region between the December 27th ATH at 106.29 and the 161.8% Fibonacci extension level of last week’s minor correction at 110.61. Pushing further in the uncharted waters, they will likely aim for the 261.8% Fibonacci extension at 132.31.
On the other hand, if positive forces start to wane, the middle line of the channel could delay the test of Monday’s low at 75.50. Any violation at that point will see negative pressures intensifying, with the price diving towards a tough support zone from the 50-day simple moving average around 63.90 until February 7th inside swing high at 60.65.
In a nutshell, Terra has opened the gates towards the 106.29 record high after the last couple of days’ impressive thrust. The technical picture suggests buyers may not easily lose their interest in the market.