LUNA Technical Analysis: Bullish Pattern Can Drive Uptrend Past $100

The struggling uptrend in the LUNA coin price forms an inverted head and shoulder pattern. Will the bulls bring an upside breakout? Terra is a protocol for blockchain that uses stablecoins pegged with fiat to power price-stable global payment systems. Terra was created in January 2018 with the help of Daniel Shin and Do Kwon. The two co-founders conceived the idea as a means to speed up the adoption of blockchain technology and cryptocurrency with an emphasis on usability and stability of price. Do Kwon assumed the role of chief executive officer for Terraform Labs, the company that is behind Terra. Let us move ahead to read about Terra’s technical analysis. Past Performance of LUNA LUNA coin price shows growth of almost 10% in the past 72 hours from the support level of $75. Moreover, the long-tail formations in the daily candles are evident of lower price rejection reflecting a solid underlying bullishness. However, the recent growth also indicates the possibility of a falling three method that can drive the prices below the crucial support of $75. LUNA/USD Daily Chart LUNA Technical Analysis The LUNA coin price action forms an inverted head and shoulder pattern in the daily chart. However, the right shoulder shows a possibility of a falling three method formation. Therefore, the bullish traders need to wait till they break above the horizontal level at $87. The Terra token prices show a long-coming uptrend in action in the daily chart evident by the Super Trend indicator. The token price remains above the 10 average true range despite multiple bearish attempts along the way. The Momentum indicator at 12 reflects a spike in the slope as it breaks above the zero line in the daily chart. Moreover, the slope showcases an exaggerated divergence as the price falls, but the slope sustains in the daily chart.   The Bull Bear Power indicator shows a bullish growth in the LUNA coin price as the slope rises above the zero line. Moreover, the breakout above the 10% mark will reflect a bullish growth stronger than the previous two attempts.   In a nutshell, the technical indicators reflect a solid underlying bullishness and a possible bullish breakout of the inverted head and shoulder pattern. Upcoming Trend The LUNA coin price can shortly give a bullish breakout of the inverted head and shoulder pattern in the daily chart. However, the possibility of falling three methods drives the entry point higher above the $87 mark.  In case of a bearish reversal, the inverted pattern will succumb under bearish power, and a correction phase can drive the prices below the $75 mark to $65. However, the most likely scenario of a bullish breakout can initiate a bullish rally above the psychological mark of $100 to $125. At press time, the technical analysis by TradingView gives a “STRONG BUY” signal for the Terra token. Technical Analysis for LUNAUSD

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