Terra (LUNA) – Repainted a higher low keeping its bullish outlook intact

Terra (LUNA) – Repainted a higher low keeping its bullish outlook intact

Terra (LUNA) staged a spectacular upturn this week, bouncing more than 25% from the vicinity of the lower surface of the Ichimoku cloud, to swiftly shatter it from the upside slicing through the Tenkan-sen line.

However, it seems like the bulls are taking a breather after hitting the Kijun-sen line. The oscillators are feeding prospects for further price appreciation, as the MACD shifted course and looks set to nudge beyond its signal line marginally beneath the zero mark, while the stochastic %K line rocketed higher to meet the 50-neutral threshold.

For additional positive developments to unfold, the price would need to overcome the Tenkan-sen line at 97.67. Such a move will trigger a retest of the ATH at 119.56, posted on April 4. By cracking that ceiling, the bulls will likely jump towards the 161.8% Fibonacci extension level of the last pullback at 146.62.

On the flip side, if sellers resurface and press the price back inside the cloud, the Tenkan-sen line at 86.61 could attempt to catch the fall. If it gives way, the price will re-challenge the lower surface of the cloud and the neighboring tough barrier of 75.78, a breach of which will critically dampen the medium-term technical picture.

In brief, Terra repainted a higher low keeping its bullish outlook intact. An immediate move beyond the Kijun-sen line will juice up the positive tendencies, motivating a retest of the previous peak. However, a dip below the Tenkan-sen line will start throwing doubts about the current structure.