Terra Coin Price Skyrocketed 30% But Will This Rally Sustain?

For the past three weeks, the Terra coin price resonated within a consolidation phase of a bearish pennant pattern. Though this pattern should bolster sellers to extend the prevailing downtrend, the price undermined this bearish setup with the sudden surge in buying pressure. A bullish breakout pattern’s resistance offers recovery opportunities for coin holders.

Key points: 

• A bullish breakout from the downsloping trendline open Terra coin for 18.3%
• The 50-day EMA stands as a strong hurdle for LUNA price recovery 
• The intraday trading volume in the LUNC coin is $715.5 Million, indicating a 180.5% gain.

Source- Tradingview

From September 10th to 26th, the LUNA holders witnessed an aggressive sell-off which plunged the price to $2 psychological support. Following this downfall, the altcoin started walking a lateral path as the crypto market experienced uncertainty among market participants.

Furthermore, this consolidation for a sharp fall revealed the formation of a pennant pattern. This bearish continuation pattern usually promotes the continuation prior downtrend upon