Terra Price Prediction 2021 – Will LUNA Hit $35 Soon?

Terra Price Prediction 2021 - Will LUNA Hit $35 Soon?
  • Bullish LUNA price prediction ranges from $24.94 to $30.1.
  • The LUNA price might also reach $35.
  • LUNA bearish market price prediction for 2021 is $14.80.

In LUNA price prediction 2021, we use statistics, price patterns, ADX, and much other information about LUNA to analyze the future movement of the cryptocurrency. 

Luna is the reserve currency of the Terra platform and has three main functions that are to retrieve transactions from Terra through staking,  ensure the price stability of Terra stablecoins, and provide incentives for the platform’s blockchain validators. The Terra protocol runs on a Proof of Stake (PoS) blockchain, where miners have to use their Luna to conduct mining transactions.

Current Market Status of Terra (LUNA)

According to Coingecko, the price of LUNA is $29.72 with a 24-hour trading volume of $1,478,179,685 at the time of writing. However, LUNA has decreased by 6% in the last 24 hours.

Moreover, LUNA has a circulating supply of 407,271,487 LUNA. Currently, LUNA trades in cryptocurrency exchanges such as Binance, OKEx, Bitfinex, and Huobi.. 

Terra (LUNA) Price Prediction 2021

Terra (LUNA) holds the 13th position on CoinGecko right now. LUNA  price prediction 2021 explained below with a daily time frame. 

LUNA/USDT Descending Channel Pattern (Source: Tradingview)

A descending channel is one type of charting pattern that technical analysts will use to analyse a security’s trend. A channel is formed by drawing trendlines along the support and resistance levels of a security’s price series. In general, channels can be used to determine the best levels of support and resistance to buy or sell securities.

Currently, LUNA is waving at $24.7. With this pattern, LUNA might reach the resistance level at $26.74 soon. If the trend reverses, then the price of LUNA may fall to $23.61.

Terra (LUNA) Support and Resistance Level

The below chart shows the support and resistance level of LUNA. 

LUNA/USDT Support and Resistance Level (Source: Tradingview)

From the above chart, it observed that the following are the resistance and support level of LUNA.

  • Resistance Level – $30.1
  • Support Level 1 – $22.6
  • Support Level 2 – $14.8
  • Support Level 3 – $9.1
  • Support Level 4 – $4.43

The chart depicts the bullish performance of LUNA over the previous month. However, this trend will continue to reach resistance level at $30.1 soon. On the contrary, if the trend reversed then LUNA might fall to $4.43 presenting a bearish signal.

Terra (LUNA) Average Directional Index (ADX)

Let us now look at LUNA’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it frequently combined with directional indicators.

LUNA/USDT ADX (Source:TradingView)

The above chart represents the ADX of LUNA with the range at 68.77, so it indicates a very strong trend.

Conclusion

The LUNA is one of the cryptos which is great for long-term investment. In addition, LUNA price prediction will be bullish for a short-term period. It has a good chance of reaching $33.22 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the LUNA ecosystem, the performance of LUNA would rise reaching $32 very soon. But, it might also reach $35 if the investors believe that LUNA is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.