LUNA Price Rebounds: Will Bulls Bounce Back to $1 in 2023?

During the course of the past seven days, bearish momentum has dominated the Terra (LUNA) market, with prices oscillating between $0.396235 and $0.4326. Significantly, LUNA’s price has gradually declined, signaling increased selling pressure.

However, in the past 24 hours, support was established at $0.4079, and bulls were able to drive the price back up to $0.4326, suggesting a possible reversal. This rebound from the support level indicates buyers are moving in and may reclaim control soon. At press time, LUNA was trading at $0.4227, up 2.59% from the intraday low.

If the bullish trend however breaks over the $0.4326 resistance, the next level to monitor is between $0.4400 and $0.4500. During the recovery, LUNA’s market capitalization and 24-hour trading volume increased by 2.73% and 129.29%, respectively, to $170,070,372 and $34,754,588. The increased market capitalization and trading volume suggest increased interest and activity in LUNA, which might drive additional price increases. Moreover, the rise in trading volume indicates that more investors are buying and selling LUNA, which might soon lead to more price volatility.

LUNA/USD 7-day price chart price chart (source: CoinStats)

The Keltner Channel bands are closing in on each other, suggesting a reduction in price volatility and a time of consolidation. This motion indicates that the market is settling after the recent rise in trading volume and market value.

With the upper, middle, and lower touching at $0.00006404, $0.00005583, and $0.00005362, respectively, the price of LUNA looks to be consolidating inside a narrow range.

However, price activity forms green candlesticks below the middle band and rises, signaling possible bullish momentum. This trend indicates LUNA’s price movement since buyers control and drive the price.

LUNA’s price has been falling over several previous periods, as shown by the Rate of Change value of -1.43%. However, recent positive price activity and a probable change in momentum suggest that the downtrend may be ending. If the ROC rating strengthens and gets into positive territory, it might indicate a price trend reversal and a rally for LUNA.

LUNA/USD 24-hour price chart (source: TradingView)

In conclusion, Terra (LUNA) shows signs of a potential bullish reversal after recent consolidation, with increased interest and positive price activity.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.