Terra (LUNA) could swing to $90 despite reporting consistent downtrends over the last few weeks
Terra (LUNA) is looking poised for a decent upswing after spending much of 2022 on the downtrend. The coin has been showing some signs of consolidation as sentiment in the market improves. But how far can it climb in the near term? The analysis is below but first, some highlights:
At press time, Terra (LUNA) was trading at $55 down by around 3.5% for the last 24 hours.
We have also noted that any bullish breakout in recent days has stagnated between $62.76 and $70.
If LUNA can be able to overcome bear pressure within that supply zone, then it can swing towards $90.
Data Source: Tradingview
Terra (LUNA) – Is $90 possible?
The downtrend that we have seen on LUNA has been much more pronounced compared to other coins in the market. In fact, between February 3 and 7th, we saw the token plunged by over 30%. This was not a surprise if anything, it was a continuation of the downtrend seen this year.
But there is some consolidation. However, every time LUNA has surged, it has faced massive pressure within the supply zone of between $62 and $72. If indeed the coin is able to overcome bears inside this zone, then it will likely push further towards $90.
We are watching to see if the token will fall below its support of $52. If that happens, then expect it to slide even further towards $47.
Is Terra (LUNA) a good long-term investment?
Terra (LUNA) is the main network for stablecoins. It has always been a huge part of the crypto market, ranking among the top ten by market cap.
Even with the recent dip, there is no doubt that LUNA is a decent asset for the long term. It has the potential to deliver consistent value to investors in the near- and long-term future.