Home Analytics of crypto possible take off if price goes above $40 level

possible take off if price goes above $40 level

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Crypto News

Terra (LUNA) is currently oversold after experiencing a massive sell-off following the current bearish retracement for the last eight days.

Before the bearish retracement, the coin was on an exponential bullish trend for over three months consecutively.

Within that period, the coin moved from trading at about $6 to as high as $49.45.

Stochastic RSI analysis

According to the Stochastic Relative Strength Index (RSI), the current pullback has pushed $LUNA into the red zone of being oversold and take-off could be imminent any moment from now.

possible take off if price goes above 40 level

Applying Stoch RSI on Terra (LUNA) price chart

Traders are looking at the resistance level at $40. If the coin manages to get back above that resistance level, it is expected it could take off to the moon.

One trader going by the name AltLONG Musk commented on Twitter saying,

“$LUNA is massively oversold on the RSI. Get above $40 and I think it’s full send initiated…He is suited and ready for launch.”

Terra recently launched Columbus-5 Mainnnet Upgrade

The Bull Run is highly anticipated especially after the recently launched Terra Columbus-5 Mainnet Upgrade that brought some major performance upgraded to the chain and also increased LUNA staking rewards by pushing swap revenues to stakers among many other changes.

Terra co-founder also stood by the bold bullish prediction for LUNA as 160 projects prepare to launch on the chain before the end of the year.

Terra founder @stablekwon stands by bold prediction as 160 projects prepare to launchhttps://t.co/iY6wmmvLrX

— asiaMARKETS.com (@asia_markets) October 14, 2021

#price #level

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