The price of Terra LUNA had a notable uptrend in November, with a price increase of over 140% in a matter of days, resulting in the price regaining the $1 level. Since then, the price has continued to trade in a descending channel pattern, indicating that buying pressure has cooled.
Terra LUNA 2.0 price continued to trade in a closed range between $0.6597 and $0.7980 for a short period of time, after which the price lost momentum and the price plummeted.
Terra tokens have been trading sideways between $0.5599 and $0.6597 for over a week. As the market gained momentum, the price broke out of the range and surged 36% before being rejected at $0.8997.
Afterwards, the LUNA coin price experienced significant price volatility and the price fluctuated for a while. After several attempts, the bulls successfully broke the major resistance level of $0.8997, showing an increase of around 60%. The price was later rejected at $1.2609.
Since then, the price has been continuously hitting new low highs on the charts, indicating a bearish impact for the coin in the market.
The Relative Strength Index (RSI) continues to trade below its midpoint, indicating weak buying and selling pressure in the market. Additionally, the average constant is trading near the neutral line, which highlights the uncertainty about the future price action of this token.
Will LUNA 2.0 price rise again?
If the bulls push the price above the resistance of $0.9938, LUNA price could regain momentum and prepare to break out of the descending channel pattern. Additionally, if the bulls succeed, they will continue rising and test the upper resistance level of $1.1358.
Holding the price at this level would set the stage for Terra LUNA 2.0 to test this month’s high of $1.2609.
Conversely, if the downtrend continues to strengthen, LUNA price will continue to lose momentum and fall to test the $0.8997 support level. Moreover, if bears dominate the market, it could push further down and prepare to test the lower support level of $0.7980 in the coming days.