The top DeFi token in the crypto space according to the market cap is attempting to make a large flip form the bearish trend and absorb a notable bullish trend soon.
The Terra(LUNA) price in the short term is extremely bullish as most of the indicators and technicals point out towards an uptrend. However, in the long-term the asset is extremely bearish as more lows are yet to be identified and tested.
Terra is one of the few major altcoins that has maintained a notable uptrend despite the trembled market conditions.
But currently, the upper trend is at a risk as the asset made a lower high and a lower low. And hence the trend in the short term is pretty bearish, neutral in the mid-term and bullish in the long term.
The LUNA price has been hovering in between the strong resistance and support levels for a long time. The asset attempted to make the yearly highs, since the beginning of 2022 but quickly fell into a deep bearish trap.
The price constantly made multiple lower highs and lows signaling the continuation of a bearish trend. And hence one can expect the asset to hit the lower strong support levels at $40 very soon.
The current momentum is currently extremely bearish as the MACD line is below the signal line and the RSI is around 45 which is following a declining trend.
On the other hand, the On-balance volume is also plummeting which indicates that the volume is less during the days price is high than the volume during the down days. And hence the buyers are pretty less than the sellers.
Collectively the Terra(LUNA) price despite the current bearish trend manifests a notable uptrend in the long term.
And hence despite the asset plunging to its lower support, yet in the long term the price may quickly head to hit levels above $200 very soon.