(John Isige – FXStreet)
– Terra price downtrend hits its elastic limit around the $1.52 support level.
– LUNA price eyes a 30% bullish trend reversal from a recently completed double-bottom pattern.
– A buy signal from the MACD illuminates buyers having the upper hand and may quickly propel LUNA price to $2.11.
Terra price is attempting a recovery after bulls overwhelmed bears at support established around $1.52 earlier on Monday. Bulls eye liftoff to $1.80, but a technical projection based on the governing chart pattern may stretch the breakout 30% higher to $2.11.
Meet Terra’s new governance bot
Stakeholders behind Terra, a blockchain platform powered by LUNA, are working around the clock to stabilize the embattled token – in a bid to attract investors for a positive shift in price. Frequent software updates and new programs and applications confirm the team’s efforts.
On Monday, Terra’s team announced via Twitter the launch of a new governance bot designed to keep users up-to-date with the latest governance activities in the ecosystem. The bot will send notifications when a new post has been published “on the Governance and Proposals section of Agora” and when a new proposal advances into the voting period on the Terra Station.
Terra’s governance bot will also send an alert 48 hours before the proposal voting deadline and another notification when the proposal voting period ends – and the results are out.
How to position yourself for a Terra price rally
Terra price is nurturing a bullish trend reversal at $1.62, with demand for the token expected to increase as the Moving Average Convergence Divergence (MACD) sends a buy signal. Traders should closely follow the position of the 12-day Exponential Moving Average (EMA) above the 26-day EMA to corroborate its anticipated move past the double-bottom pattern’s neckline.
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A double-bottom pattern occurs after a drawn-out downtrend and is characterized by two valleys (bottoms). These two troughs represent an area with an immense concentration of bulls – explaining the projected upside move. The price must, however, break above the neckline, at the high of the peak separating the two troughs, to affirm further movement – 20% in the case of Terra price.
On the other hand, caution must be exercised to avoid bull traps. Early profits can be taken at the 50-day Simple Moving Average (SMA). If Terra price cracks through neckline the resistance at $1.88, there may be enough technical backing to hold on till $2.11.
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