It was on March 23, when the bulls launched a successful rally against the bears. They finally managed to push the price of Terra (LUNA) over $96, which is the overhead resistance mark for Terra.
At that time, the bulls showed a tremendous amount of determination in pushing the price of Terra higher than the overhead resistance mark. However, the bulls were not able to do as they had expected.
This is because the bears had planned something completely opposite planned for Terra. On March 24, the bulls started taking a lot of pressure from the bears, who had started selling Terra on a very high scale.
Bears’ Attempt to Bring Terra down to $75
According to the price analysis of Terra, the bulls started losing their ground to the bears. This is when the price of Terra started experiencing a downtrend, and soon, it rebounded off the overhead resistance mark.
With a high selling activity, the bears have made it clear that they are not willing to let the trend go out of their hands. Therefore, they may continue intensifying the sales for Terra, bringing its value even lower.
They have reportedly converted the rally formed the bulls to a dip with their strong selling spree. From the looks of it, the bears may continue doing it in order to push Terra’s value down to 20-day EMA ($89).
The bulls may increase their buying power in order to push the price of Terra over the $90 mark and eventually, the $96 mark. If the bears do not let it happen, they may drive the price of Terra down to $89.
Although the bulls may try to defend the particular position with buying power, if all factors go in favor of the bears, then Terra may dip to $82.
The price prediction for Terra shows that the bears may not stop at $82 and may go for another selling spree. Their main goal would be to increase the sales for Terra so much that its value falls down to $75 per LUNA.
Terra’s Rise to $105
If the bulls do not let the bears push Terra below the $90 mark, they may again push the price of Terra over the $96 per LUNA mark. Going forward, the bulls may attempt and push the price of Terra over the $100 mark.
The bulls may continue competing with the bears in order to push their value higher. If the bulls keep winning the competition, the price of Terra may continue surging. Going forward, the bulls may push the price of Terra to a high mark. The price they may target with their strong buying power would be $105 per LUNA.
