Just like several other cryptocurrencies, Terra (LUNA) also ended up facing a huge plunge on December 4, 2021. As a result of the plunge, its price experienced a huge drop. However, LUNA managed to prove its strength and potential with the help of its bulls.
The data for LUNA on December 4, 2021, shows that right after experiencing the plunge midday, its day ended with a rally. The performance graph for LUNA from TradingView shows that the moment LUNA experienced the plunge, the bulls jumped in to save the day.
The bulls came in with a strong buying force and managed to push the price of LUNA in the upward direction. Although the bulls demonstrated a lot of resilience with their buying initially, they ended up giving in to the plunge. As a result, the bulls lost their momentum and things went in the wrong direction for LUNA by December 5, 2021.
On the following day (December 6), the bears came into action as they continued their match with the bulls. This created huge volatility for the LUNA token and it was difficult to identify where the price of LUNA would move.
On December 6, bears put in all their efforts to make sure they pulled the price of LUNA in the downward direction. However, the bulls continued with their buying and tried their best to keep LUNA prices in the strong zone.
The data from TradingView shows that the bulls will be making the attempt of pushing the price of LUNA in the upward direction. As of now, the performance chart for LUNA shows that it is moving in an upward direction.
The graph shows that LUNA’s price is more than likely to demonstrate an upslope. It is predicted that LUNA may cross the $55 per LUNA figure, which is its 20-day EMA representation. Even the relative strength index for LUNA is currently in the bullish zone. This means that the price of LUNA is likely to grow higher.
This may boost confidence in the bulls as they will have more buying power and they will be able to push the price of LUNA in the upward direction.
The prediction for LUNA shows that if LUNA manages to cross the 20-day EMA, then the next target would be $78.29. The bulls will aggressively buy LUNA in order to push its price in the upward direction creating an uptrend.
With that said, if the bulls manage to push LUNA’s price over $78.29, they may create another rally to hit the $90 per LUNA benchmark.
For now, the trend seems to be going in favor of LUNA as it is currently revolving at a price of $68.83 per LUNA.