Terra (LUNA) pulled back slightly at the end of this week after seeing quite some sustained gains. The coin however still has a lot of room for growth and we expect it to show some decent uptrend in the weeks ahead. Here is what to keep in mind:
Terra (LUNA) is likely going to hit $150 in the near term.
The coin has positive momentum indicators despite the recent pullback.
A surge to $150 will represent nearly 40% of gains from the current price.
Data Source: Tradingview
Terra (LUNA) – Why $150 is not surprising
The recent rally we saw in crypto over the last two weeks brought back hope that perhaps investor sentiment had turned positive. But there were some concerns that we may see a bigger pullback in major coins, including LUNA. However, this did not happen. In fact, after pulling back slightly on Friday, LUNA and most other coins regained upward momentum.
Also, since the start of March, LUNA has set three higher highs and the same number of higher lows as well. But it is the upper trend line on the chart that looks very interesting.
While there is a chance the coin may turn bearish given the rising wedge between higher lows and higher highs, because of the current bullish momentum, we expect LUNA to break the upper trend line. This will then lead to massive gains that could see the coin surge past $150 in a few weeks.
Is it the right time to buy Terra (LUNA)?
For short-term traders, the current setup is somewhat a bit risky, but it offers the possibility of 50% gains. The perfect entry price would be around $105. Hold it out and exit at $150.
As for long-term investors, buying now gives you a chance to enjoy a decent uptick in your holdings as LUNA heads up in the near term.