LUNA/USD has created new record highs in the past day, and of this morning is showing that it has the ability to remain in sight of apex values. Yesterday’s trading took LUNA/USD above the 118.00000000 juncture, before reversing slightly on apparent profit taking as Terra went to a low of nearly 111.00000000. However after stumbling lower during Sunday’s flurry of activity, LUNA/USD did not sink below lows seen on Saturday.
Incrementally, LUNA/USD continues to hammer away at record highs, and as of this writing the cryptocurrency is near the 114.0000000 level. Terra does move rather fast and has shown it has the capability to have price velocity that can be interpreted as speculatively strong. On the 1st of April, LUNA/USD was trading near the 98.75000000 price. This after LUNA/USD penetrated the 100.00000000 mark on the 28th of March and began to challenge highs seen on the 10th of the month.
A high above 111.000000000 was achieved on the 30th of March, before LUNA/USD sank to lows in the next two days. This is pointed out to showcase that LUNA/USD does in fact reverse lower and its moves can be substantial, so traders should not expect one way trading avenues upward exclusively. Stop losses and the perception regarding the potential of support levels being tested, and even punctured lower must be considered.
However, LUNA/USD does continue to show it is bullish. If current support levels can hold, there seems to be a genuine case technically via mid-term charts that Terra can push upwards. The broad cryptocurrency market has continued to also show signs of optimistic life; many of the major cryptocurrencies are challenging important resistance levels and have not suffered volatile moves lower.
Cautious LUNA/USD traders may want to use moves lower to ignite their buying positions. If the 114.00000000 level is maintained by LUNA/USD this would be a positive indicator. Traders may have to be patient. Having touched new highs yesterday, there is the possibility some consolidation should be expected in the short term. Yet the trend in LUNA/USD does look positive, and there seems to be plenty of logical speculative perspective which points to a buying wager. Traders should remain realistic with their price targets when aiming for higher values. As pointed out LUNA/USD is not a one way street. Cashing out profits should they develop, is a solid idea for day traders.
Terra Short-Term Outlook
Current Resistance: 116.19000000
Current Support: 112.58000000
High Target: 119.2500000
Low Target: 110.01000000
