We have seen some decent positive momentum for Terra (LUNA) over the last three trading sessions. The coin however appears to have stagnated but there is still more upside for growth. Here are some key facts to note:
LUNA has fallen sharply from its $119 highs at the beginning of April.
The coin is however consolidating and could surge towards $100 in the days ahead.
This will represent a 15% upswing from the current price.
Data Source: Tradingview
How soon will LUNA hit $100?
After recording modest gains over the last two sessions in a row, LUNA appears to have stagnated. The coin is largely trading sideways, but this is actually a good thing. It means we are seeing some price consolidation following the steep correction LUNA reported after hitting $119 on April 5. Once this consolidation is done, LUNA bulls will likely take over.
This will happen in the next few days, in fact, we expect LUNA to test $100 at the beginning of trading next week Monday. The run will represent a 15% gain from its current price. The key for bulls however will be to see off any sell-off after hitting the $100.
As we have seen with many coins this year, when a decisive bull run breaks out, investors are locking profits at crucial resistance zones. The $100-mark is one such resistance for LUNA, and if bulls decide to lock profit at this price, a fall; towards $80 will be inevitable. But in the short term, the possibility of a $15 – 20% gain is highly likely.
How far can the uptrend go?
We are not sure there will be enough bullish momentum to take LUNA above $100. In fact, this price will be a huge supply zone.
Unless something drastic happens, the upswing potential for the coin is severely limited for now. But if the token can sustain gains above $100 for a few days, then a surge towards $120 is not out of the question.