As the Bitcoin price appears to be extremely uncertain nowadays, altcoins are becoming more and more weak. Terra(LUNA) on the other hand was attempting hard to sustain with the uptrend, yet the possibilities of the asset plunging hard surfaces.
The price had reached the rock bottom levels after hitting the ATH just before the end of 2022. And hence a flip was necessary to maintain the strength in rally. However, the flip turned out to be yet another bearish signal and hence the outcome of the pattern appears has not concluded yet.
Terra price rebounded with a greater magnitude and trending within the rising channel. Woefully as expected the price plunged as it reached the apex of the channel. Now when the asset is trying hard to flip from the downtrend, yet the bears do not appear to remain calm. Therefore, yet another impulse wave may strike the price but in a reverse manner.
Terra was ranging within a rising wedge pattern from $43.2 to as high as $60.5 and finally broke out a couple of days before to test the local support at $52.11. No doubt the asset flipped rejecting the lower levels, yet the possibility of revisiting lower support around $48 are quite high. Yet the asset may experience an interim uptrend, yet plunging to the lower levels appears to be imminent.
The asset may either continue to swing in between $57 to $53 and finally may plunge down to hit the local support at $48. Or else the asset may surge a little from the current levels to hit the monthly highs just above $60 and get rejected from these levels.
The levels around $60 is an extremely heavy resistance zone and a plunge from these levels may drag the price straight towards the $52 support zone. In either of the cases a plunge towards the immediate support appears imminent but also a short-lived one.
