Terra's LUNA price seems to be just at the start of a growing Elliott wave that is heading to the south. The key levels are established.
Terra's LUNA price may continue to fall because market conditions suggest the bears are in control. On the 17th of October the bulls dropped resistance from $2.65 mark, which maintained prices in the month. The southward move was initiated when the market rejected an 8-day exponential move. The decline also crossed the simple moving average of 21 days without movement.
LUNA price is currently trading at $2.53. In the New York trading session, the bears erupted in successive bearish engulfing candlesticks. In addition, the Relative Strength Index compounds the notion of a more significant downward trend as bears have broken through the levels of oversold.
If the market is truly negative and bearish, the LUNA price is not capable of retaking the 8-day EMA to provide support at the $2.66 price. A continuation of the downward trend could be triggered through a second try at the low that was recently set at $2.50. The bearish targets are located close to that $2.00 liquid level.
The bearish trend is invalidated and is still at $2.67. If bulls can break through the wall, they might start a bull market towards $5.00 which would result in a 100% rise in price from current LUNA price.
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