Terra (LUNA) is down 3% on the last trading day after a strong surge from early February. If bulls fail to flow back, prices could retrace from the $105 resistance level. Past Performance LUNA prices are pulling back from near all-time highs posted on March 11 when the coin rallied to retest $105. Terra is under pressure at spot rates, dropping roughly three percent on the last trading day. Technically, there is also a double tops pattern in relation to peaks posted in late December 2021. Based on the LUNAUSDT candlestick arrangement, there could be hints of weakness if bulls fail to reclaim $105. LUNA Technical Analysis Terra prices appear to be cooling off after a 140% expansion from early February 2022. The bear engulfing pattern of March 11 is from the $105 reaction level, signaling possible short-term contraction from the double tops. From this suggestion, risk-off LUNA sellers may dump on pullbacks towards $105, targeting this week’s lows of around $77. Deeper retracements below the 20-day moving average could see Terra prices drop to December 2021 lows of $55. What to Expect of Terra? LUNA is the most valuable DeFi token, reflecting its critical role in the ecosystem. Therefore, if fundamentals lead, Terra’s base is solid. However, after substantial gains, the correction is expected. LUNA could drop to $55 if there are further losses below the middle BB.
The post Terra (LUNA) Prints a Double Top at $105 after a 140% Rally appeared first on Cryptoknowmics-Crypto News and Media Platform.
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