- TERRA Token trails within a bearish pennant in the daily chart with increasing trading volume.
- The coin price is trading below all critical EMAs in the 4-hour technical chart.
- The LUNA/BTC pair trades at 0.0001616 BTC with an intraday gain of 5.09%
TERRA Token price fell more than 75% before managing to halt the downtrend by forming an ascending triangle in the 4-hour chart. However, the coin price is trading struggles near the 50 EMA and fails to rise above it. Furthermore, the price is below 100 and 200 EMA with bearish alignments of the EMAs.
The recent boost of 34% rise in the intraday trading volume has showcased only 3.41% growth in the coin’s market cap. As a result, the TERRA/USD pair trades at $6.05 while the token ranks at 45th position among other cryptocurrencies.
Bearish Pennant Breakout Awaited In The TERRA Token
TERRA Token has been resonating within a bearish pennant structure after the halt in a sharp sell-off. The coin price managed to recover 25% of the fall, but the fallout of the pattern might lead to another selling spree. However, the recent increase in volume indicates the breakout of the structure is close.
As per price action, coin prices may find resistance at $8.09 and $11.86, and on the opposite end, the support level is at $3.55 and $1.52. Investors might see the price hitting the $11 mark in case of a bullish breakout.
According to the daily timeframe, the recent bearish crossover of 50 (yellow) and 100 (blue) EMA projects a downtrend. Furthermore, the coin price is below the 200 (white) EMA projecting bearish sentiment.
The RSI (neutral) projects no decisive indication as the RSI line is moving sideways near 50
Conclusion – TERRA Token may soon observe a breakout in the mentioned patterns, as the price is bottling up inside them. However, investors should wait for a good entry opportunity which is not yet clear.
Support – $3.55 and $1.52
Resistance – $8.09 and $11.86