1654713446444 8072fbb5 1e8e 448b 863c a666a6e492b2 PA7OSi These Indicators show LUNA could grow 4x in the near term

These Indicators show LUNA could grow 4x in the near term

When Terra rebranded into Terra Classic, there was a bit of fun fare. But investors did not really buy into the idea. As a result, Terra 2.0 plummeted shortly after launching. The coin has lost 85% from its airdrop price. But there is an opportunity for LUNA to actually deliver astonishing short-term gains. Here are the highlights.

After massive volatility, LUNA appears to have established strong support at $3.5.

The coin has also established a trading range between $3.5 and $10.25.

We expect this range to come into play over the coming weeks.

Data Source: TradingView

How LUNA could deliver 4x growth

Our thesis on LUNA’s short-term bullish setup is based on the range mentioned above. You see, despite facing massive volatility, the coin has established a consistent range between $3.5 and $10. Also, $3.5 is now the strongest support zone, and despite massive selling pressure, LUNA has managed to keep the price above this. 

A consolidation phase is now happening, and in the coming days, LUNA could easily retrace its $3.5 to $10.25 range. This will deliver gains of nearly 3x from the current price. However, we don’t think $10.25 will be the end of everything. 

If LUNA is able to get to double digits within a short time, it could trigger immense demand that could deliver more returns. Besides, there is a very limited downside risk to this setup. Even if LUNA loses the $3.5 support, we expect it to jump right back up in no time.

LUNA’s long-term prospects?

The volatility around LUNA is not going to abate soon. However, we expect the price to be a bit more predictable within the $3.5 and $10.25 range. 

LUNA will likely remain within this range for a few months before it finds any serious upward momentum. The good news however is that downside risk appears to have eased a bit.

The post These Indicators show LUNA could grow 4x in the near term appeared first on CoinJournal.

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