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LUNA is currently consolidating in the $85–$95 range.
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At the time of writing, the coin was trading at $83.88, representing a decline of roughly 6% over the past 24 hours.
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LUNA needs to break the $95 level to push beyond $100.
This marks the second consecutive day that Terra (LUNA) has opened in the red. The coin posted several gains in early March, but momentum appears to have stalled. Despite this, LUNA is approaching a key upper resistance zone. Can it break above $100?
Data source: TradingView
Terra (LUNA) – How quickly can it reach $100?
The broader crypto market appears to be regaining strength after the sharp volatility seen in recent weeks. However, the fundamental headwinds that pushed sentiment into negative territory remain in place. Inflation is still elevated, and geopolitical tensions in Europe could slow a global economic rebound.
That said, investors may have already priced many of these risks into the market over the past three weeks. For LUNA specifically, the decisive level to watch is $95. In recent days the coin has traded in a tight range between $85 and $95.
A daily close above $95 would likely trigger enough bullish momentum to drive the price past $100. Nevertheless, momentum indicators, including the RSI, are currently biased to the downside. We could see a pullback toward the 50-day SMA near $75 before the next meaningful advance.
Is LUNA a good investment?
Terra (LUNA) is a platform closely associated with stablecoins and is becoming increasingly integrated into the crypto ecosystem. It is viewed by many as an important piece of the future stablecoin landscape, which implies significant investment potential.
LUNA experienced a steep decline in 2022, but there are signs the downtrend may be reversing. While no investment is without risk, for those who haven’t yet acquired the coin, the current price action could present an opportunity to consider adding LUNA to a well-diversified portfolio, keeping risk management and time horizon in mind.