Terra (LUNA) threatens to reclaim the key 200-day , which will signal a shift in the current trend. LUNA’s price has successfully broken above the key 200-day and the prominent psychological figure of $10.00, marking a change in the trend from to .
Starting with the May 23 low, Terra’s price continued higher, printing a series of higher highs followed by a series of higher lows. Thus, the entire price movement can be confined within an upward channel. However, the recent break above the upward resistance channel signals more demand.
As per the technical definition, a break above the upward resistance channel signals a trend continuation to the upside.
In other words, there is a high probability we can turn higher from here, unless the ABC price pattern is part of a broader corrective pattern.
Moving forward: on the upside, the next level of resistance to keep an eye on is $13.25, followed by $18.80. The current run will remain intact as long as prices stay above the 200-day MA on a closing basis.