- A more considerable comeback was seen in Terra’s price.
- It turned out that the flip was still another negative indication.
Altcoins are losing ground to Bitcoin because of the volatility in the Bitcoin price. In contrast, Terra (LUNA) was working hard to maintain the uptrend, but the chances of the asset falling hard surfaces were still there.
After attaining the ATH shortly before the year’s end in 2021, the price had plummeted to its current lows. As a result, the rally’s vigor was maintained through a flip. However, it turned out that the flip was still another negative indication, and thus the pattern’s result does not look to be finalized.
Bears Take the Charge
A more considerable comeback was seen in Terra’s price, which is now heading in a rising channel. As predicted, the price fell as it neared the channel’s peak. Even if the asset is valiant to reverse its downward trend, the bears do not seem to be taking it easy on the market. Yet another impulsive wave may hit the price in the other direction.
A few days ago, Terra finally broke out of its rising wedge pattern, which had taken it from $43.2 to as high as $60.5, to test local support at $52.11. Despite the asset’s recent flip, which rejected lower levels, there is a good chance that the lower support level of $48 will be revisited soon. Even though the asset may enjoy an upsurge for a short period, returning to the lower levels is inevitable.
According to CoinMarketCap, the Terra price today is $53.74 USD with a 24-hour trading volume of $1,592,721,039 USD. Terra has been down 3.25% in the last 24 hours.
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