With the overall market entering the week with a gloomy pullback, the LUNA price trend quickly reverses following the weekend recovery. A higher price rejection fueled by the FUD-driven correction in the market led to a 6.20% fall in Terra this Monday.
As the pullback offers a chance to buy the dip, the infamous coin may struggle to win back confidence if it falls under $1. Nevertheless, the LUNA Price Prediction supports the optimistic viewpoint and teases a stronger comeback from buyers.
Source – Tradingview
Igniting a week before the Uptober season, the bullish trend in LUNA price accounts for a 216% jump between 24th September and 4th December. However, the buyers failed to cross the $1.25 barrier, resulting in the current correction.
Retesting the psychological mark of $1, the sellers are testing the bullish dominance at the psychological level. The $1 mark aligns with the 38.20% Fibonacci trend retracement level, providing a solid base for buyers.
Currently, the intraday loss puts the LUNA trading price at $1.03 and forms a long-tail candle teasing a bullish comeback.
Technical Indicators:
MACD Indicator: The MACD and signal lines tease a negative crossover with the bullish histograms on a declining roll. Therefore, the momentum indicator shows a reversal in trend momentum.
Will LUNA Price Sustain Above $1?
The possibility of a LUNA price sustaining above the $1 mark is declining as the selling pressure grows. Moreover, the market sentiments showcase a rise in FUD, which may result in a more profound correction for Terra.
As per the analysis of previous price spikes, Terra has bounced back from 78.60% and 61.80% Fibonacci levels in the last two pullbacks. Therefore, considering the bulls sustain the 50% level this time, the $1 mark will still be lost.
Therefore, the sellers can retest the $0.91 or $0.82 mark if the buyers lose dominance at $1. Conversely, sustenance above $1 can fuel the uptrend to $1.50.
