LUNA is consolidating between the $85 and $95 range right now.
At the time of writing, the coin was trading at $83.88, down around 6% in 24 hours.
LUNA must overcome $95 for any run above $100 to materialize.
It’s now the second day in a row that Terra (LUNA) has opened in the red. The coin saw several bullish bursts at the start of March but right now, it seems like it has stagnated. Despite this, LUNA is approaching a crucial overhead resistance zone. Can it break above $100?
Data Source: Tradingview
Terra (LUNA) – How soon can it hit $100?
For now, it seems like the crypto market is recovering after the brutal volatility of the last few weeks. But the underlying factors that have shifted sentiment towards negative territory are still there. Inflation remains high and geopolitical tensions in Europe could hamper global economic recovery.
However, there is also a chance that investors may have already priced-in these headwinds in the last three weeks. As for LUNA, the most important thing will be to strike past $95. In recent days, the coin has been within a tight range of between $85 and $95.
A close above $95 will trigger enough bullish momentum that could take the stablecoin platform above $100. But despite this, momentum indicators, including the RSI are all bearish right now. We may see a drop towards the 50-day SMA of $75 before another surge.
Why is LUNA a good investment?
Terra (LUNA) is a stablecoin platform that has become increasingly integrated into the crypto market. It is also seen as the future of stablecoins and as such, there is massive investment potential here.
LUNA has been falling sharply in 2022. But it will reverse no doubt. If you have not bought it yet, this is the best time to consider the token.