• Terra Price has joined selected altcoins like Solana, Litecoin, and Terra Luna Classic in posting significant gains in the first week of 2023.
• LUNA is up 4.2% over the last 24 hours and exchanging hands at $1.33 at the time of writing.
• A falling wedge reveals that Terra is on the way to accomplishing a 222% breakout to $4.15.
The beginning of the new year has brought with it an exciting time for cryptocurrency investors as Terra Price is among the few digital assets to start the year on a positive note. Over the past 24 hours, LUNA is up 4.2% and currently exchanging hands at $1.33. This surge in price has been supported by a 54% jump in trading volume to $35 million.
The uptrend in LUNA might stay intact if the Relative Strength Index (RSI) continues to climb and enter the overbought region. An analysis of the daily timeframe chart for LUNA reveals that Terra is on the way to accomplishing a 222% breakout to $4.15. This is thanks to a bullish chart pattern, known as a falling wedge, that signals the end of a consolidation phase following an extended downtrend. This pattern signifies the effort buyers are putting into the market to build interest ahead of a northbound pump. Traders generally look for a break above the upper trendline of the wedge to confirm an increase in buying pressure and the start of a new trend.
Investors should note that Terra Price is still in a volatile market, and thus any decisions made should be done so with caution. As the market continues to develop and more investors jump into the market, the price of LUNA could see further increases as more capital is injected into the market. Until then, investors should keep a close eye on the RSI and the price action of LUNA to stay on top of any potential changes in the market.