Terra Stays on a Bullish Track for a Robust Break

As the Altcoin market press onward in its profit-taking amid market concerns, Terra (LUNA) chased after new all-time highs at $23.71 while outperforming the market with no correction in sight.

*Terra (LUNA) bounced off the $16.81 low
*Terra (LUNA) stays on a bullish track for a robust break towards $25
*Terra price accelerates on Anchor Protocol launch

Terra (LUNA) bounced off the $16.81 low to breach the recent high wall around $22.42 which has been a crucial obstacle to upside movements since the last correction. Despite its high price, LUNA stays on a bullish track for a robust break towards $25. With a market capitalization of $8.99 billion and $603 million in trade volume over the past 24hrs, Terra (LUNA) has secured a place among the top 15 crypto assets by market cap. At the time of writing, the LUNA token is exchanging hands at $21.94, having gained 6.08% in the last 24 hours and 36.84% weekly.

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Terra Price Accelerates on Anchor Protocol Launch

Terra (LUNA), a blockchain protocol that uses fiat-pegged Stablecoins to provide price stability for global payment systems, has received support since the launch of the Anchor protocol. The savings platform offers the highest APY for Stablecoins at 20% of the UST Stablecoin built on Terra. Users can also use LUNA tokens as collateral to receive loans in UST Stablecoins. On top of that, members will also receive ANC tokens every week for 2 years, expanding the use of LUNA tokens.

LUNA Daily Chart: Bullish

LUNA/USD Daily Chart

As seen on the daily chart, the LUNA upside run seems not to abate. If there are any surprises from the market we could see a strong move to the downside as a part of a retracement. That could mean a good thing for buyers as we could start searching for long opportunities especially at the lift-off zone around $16.81.

LUNA/USD drop could go towards the moving average (MA 50) around the $8.0-$9.0 zone. On the positive side, if a further breakout happens, buyers should watch for the $23.96 level to the long side towards the $25.00 level. However, investors need to pay close attention to the previous all-time high at $22.42, as it could potentially deter this upswing.

LUNA 4-Hour Chart: Bullish

LUNA/USD 4-Hour Chart

The LUNA/USD upside momentum is super strong on the 4-hour chart and a spike in buying pressure may lead to further breakout from the $22.54 barrier. Adding credence to the bullish outlook is the ascending trendline support ahead of the 4-hour moving average (MA 50). However, a rejection at the $22.54 barrier may trigger a 20% correction to the $18.0 MA 50 zone.

A bearish scenario might come into the picture if the price goes ahead to pierce the ascending trendline at $20.00 while LUNA/USD price shows the exhaustion of bulls for sellers to push the price back steeper to a crucial $10.00 level at the 4 hour MA 200. This level could bring about massive gains or trigger a steep correction.

Key Levels
Resistance Levels: $27.20, $25.00, $23.71
Support Levels: $21.07, $19.52, $16.93

Image Credit: Tradingview

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