A few days back, the price of Terra (LUNA) was exhibiting a unit price of $94 per LUNA. At that time, the investors were siding with the bulls as they wanted to witness significant growth in the value of LUNA.
The bulls had reportedly increased their buying power in order to push LUNA’s price over the $94 per LUNA mark. However, the bears succeeded in showing their ability to push LUNA to a lower level.
The bears started selling LUNA on a very high scale in order to dip the price of Terra. Although the bulls tried sustaining the selling pressure of the bears, they ended up giving up to them.
As the confidence level of the investors went down, the bears increased their selling power. This resulted in pushing the price of LUNA below $90 per LUNA.
Tug of War between the Bulls and the Bears
As the value of LUNA fell below the $90 per LUNA price, the investors managed to bring it down to $86 per LUNA. Although the bulls let the bears push LUNA’s price below $90 per LUNA, they were not ready to let them push any further.
This is when the bulls started buying the dip at $86 and they showed great resilience against the bears. From there, the bulls continued sustaining the pressure from the side of the bears to keep the price of LUNA over $86. Even in the past 72-hours, the bulls have struggled to keep LUNA over the $86 mark.
Positive Prediction for LUNA
At the moment, the $94 per LUNA price is the strong resistance mark for LUNA. It is being considered a strong sign from the bulls’ point of view as they have displayed strong determination against the bears.
If the bulls succeed in creating a strong rally, then the price of Terra may continue to grow higher. In this particular case, the price of Terra may grow up to $100 per LUNA.
Over time, the efforts of the bulls may push Terra over the all-time high of $103 per LUNA. If Terra manages to push through the all-time high, it will be set on another path to success. The price of Terra may continue rising, and the bulls may finally manage to hit a price (all-time high) of $110 per LUNA.
Negative Prediction for LUNA
If the price of LUNA falls below $86, then the bears may increase their selling power to push Terra to a lower price. If Terra supporters keep losing confidence, then they may start backing out, which would create huge damp in the price of Terra.
If the bears continue with their onslaught of the bulls, the price of Terra may plummet to 20-day EMA ($72). As the RSI for Terra falls deeper within the negative territory, the price of Terra may sink to $66.64 per LUNA.