Terra ($LUNA) Coin Recovers 18%, Analysts Expect Further Breakouts

LUNA coin, the native cryptocurrency of the Terra ecosystem, has seen a massive 18% surge since yesterday. It is giving investors renewed optimism.

Within a larger breakout, analysts are now calling this recovery the start of a bigger rally. This is because of recent buying momentum and the alignment of key technical indicators in favor of more upside.

At a time when the broader cryptocurrency market has been feeling the ups and downs of price swings, LUNA’s recent trajectory has caught the eye of not just retail investors, but institutional players as well.

This is exactly the moment many other altcoins are struggling to break out into bullish momentum, only for the asset to rapidly recover.

Potential breakout of $LUNA coin with a huge 18% price jump which is getting significant attention moving forward.

Analyst Javon Marks Predicts Major Upside for $LUNA Coin

One of the crypto analysts paying keen attention to LUNA’s price action has been Javon Marks. He thinks that the cryptocurrency is ‘warming’ for a much larger move.

Marks took to Twitter to share his followers with the rising buying volume of Terra’s native token. LUNA coin has broken out multiple price structures, says he, that can signal start of great upside move.

The analyst said the asset looks to feature a breakout. However, based on recent price action, if things continue, LUNA would soon witness significant gains.

Other market analysts share this view. They believe the recent surge is a turning point for LUNA.

$LUNA coin has surged 18% in just 24 hours, a price action that is grabbing press on crypto trading platforms. According to the latest data, LUNA is trading at levels it’s not seen in a long time. It occurred with a big bounce back after a time of relative doldrums.

LUNA had been struggling for upwards momentum for several weeks now, its price bouncing around in thin air. This has been a surprise in the market having surged through key resistance levels.

When considering other major cryptocurrencies, the jump is even more significant as Bitcoin, Ethereum. Rest of the altcoins have had mixed performance recently, with some gaining, some losing, but mostly stagnating or correcting.

The two factors that are driving this sudden price move appear to be technical indicators. These indicate a favorable trend, and renewed investor interest in the asset.

There has been surge alongside rising trading volume. This suggests there has been strong buying pressure and likely change in the market sentiment towards LUNA coin.

This recent price action is a reminder for traders who have been watching the asset closely, of how inherently volatile the cryptocurrency market can be, and how much potential the gains offer.

Technical Analysis Suggests More Upside Potential

With the technical outlook for $LUNA looking promising, a number of indicators indicate that the cryptocurrency may still ride an upward path over the coming weeks and months.

Chart analysis shows that LUNA has recently surged beyond several very important resistance levels that were preventing it from growing, an important indicator of strength.

This is taken as a key support zones of these levels, once breached, they believe that LUNA is fully set up to build on momentum it has shown recently.

All of this is particularly notable as the coin price has surged recently, and volume along with it. Having a high buying volume can often be seen as a bullish signal since investors believe that the asset will only get farther up on the price curve.

Despite the fact that LUNA is now holding above its key support levels, many traders anticipate the trailing asset to rally higher in coming days, hitting even higher resistance points.

There are also a couple of other key indicators that analysts are paying attention to, alongside trading volume itself: the Relative Strength Index (RSI).

RSI is simply a speed and magnitude of recent price changes gauge, so a value above 70 usually indicates an overbought asset, and a value below 30 indicates an oversold asset.

Since then, LUNA’s RSI is now in neutral territory indicating that LUNA still has some room left to the upside without being at any risk of technical correction.

Specific price levels are of such importance that technical analysts are keeping a close eye on them too, so they could become resistance in the future.

If LUNA can get past these levels, the crypto could see one more leg up, and some analysts predict that the asset may soon hit even higher price targets.

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