Like most other cryptocurrencies, Terra (LUNA) saw a significant price drop around Christmas in late 2021. However, unlike most other coins and tokens, the drop that LUNA saw took it down from its all-time high. The coin did not lose a lot, as it has powerful supports that softened its drop, but the correction still represents a setback that it has been trying to recover from ever since.
LUNA in 2021
LUNA price has seen a considerable amount of growth in 2021, which was only ever interrupted by major market-wide crashes. In other words, the coin has been growing whenever the bears did not force it to go or remain down.
It started 2021 with a price below $1, only to reach this level before the end of January. By February 9th, it already exceeded $6, and while a resistance at $7 prevented it from going further up, this level was also broken on the first day of March.
Only two weeks later, around March 16th, LUNA price was already at its all-time high at $20. This level, however, proved to be a strong resistance that kept the coin from going further for months to follow. Between mid-March and mid-May, Terra’s price remained quite close to the resistance at $20, waiting for an opportunity to breach it.
Unfortunately, this opportunity never came, and around mid-May, the first big price crash of last year forced it to drop down to a support at $5. The coin went above and beyond this level several times between late May and mid-July, which is when it finally started to recover.
From that point on, LUNA kept seeing consistent growth, although its short-term behavior was still full of drops and surges.
LUNA goes to the moon
Starting in late July, LUNA price started surging, and for months to come — it just kept going. It did encounter major resistances along the way, such as the ones at $30, $40, and $50, and while each of them slowed down its growth, and some even pushed it down for a brief period — all of them eventually broke and the price continued to surge.
This kept going until mid-November, when a market-wide crash caused LUNA to drop a bit more, and go from $52 to $40. However, around November 25th, the coin simply resumed growth even more rapidly than before, apparently in a rush to make up for the lost progress.
This led it all the way up to $75, which was another major resistance that caused a price rejection. LUNA dropped down to $68, only to return back up and try to breach $75 once more. Unfortunately, the resistance rejected it again, this time to $52. After reaching this level in mid-December, LUNA got a new wave of strength that pushed it back up, breaking every resistance along the way, including the one at $75. The coin then skyrocketed much higher until it finally reached its biggest milestone to date — $100.
A small correction followed, which was only to be expected after such a rapid surge, and it took Terra’s price back to a support at $85, from which LUNA made another surge in the last days of 2021. The surge ended with it reaching $91 on January 1st, 2022, but the resistance at $90 rejected its price back to $0.85, which is where the coin still sits at the time of writing, January 5th, 2022.
To learn more about this token visit our Investing in Terra guide.
The post Terra (LUNA) Starts 2022 with a Surge but a Strong Resistance Rejects its Price appeared first on Securities.io.
