In the last 24 hours, the global cryptocurrency market cap increased by more than 3% to $1.9 trillion. Today, cryptocurrency prices soared, with Bitcoin surpassing the $42,000 mark. The digital token was trading at $42,263, up more than 3 percent.
Terra LUNA is currently trading at $93.74 and is close to hitting the $100 mark if the bulls take over. The larger cryptocurrency market had a strong market sentiment, with most major cryptocurrencies witnessing gains.
According to the price analysis, LUNA’s price action appears to have established bullish support and burst past the $90 barrier. If buyers take advantage of the current trend, LUNA might hit $95 in the next few days.
Terra (LUNA) Bull Trap?
The market movement for LUNA has been mixed over the last several days, with a minor increase in bearish pressure following a period of continuous bullishness. The most recent price behaviour, however, appears to be encouraging for purchasers, as it has closed above the $91 barrier.
After hitting a low of $47.25 on February 20, the price of LUNA has risen nearly 90% and is currently poised to break beyond $100. As a result, if LUNA falls below $100, it may retest its previous resistance-turned-support levels at $75.50 and $50.
With a Fibonacci retracement from the $102 high to $45.50 low, signaling a prolonged move higher to the upside, LUNA closing over its previous all-time high above $106 might propel it into unknown territory. The Terra Network token might drop more than 50% to $44 on the next decline in a “perfect” double top scenario, followed by a breakout move to $19.50.
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