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    Terra’s LUNAToken Is Ready to Rebound

    After the 22% correction, LUNA seems to be preparing for a significant rebound.

    Altcoin found support at $77 and recent price action indicates that a bullish impulse has begun after it rebounded by more than 10%. The downtrend may have ended, which could make it possible for LUNA’s uptrend to continue.

    The Tom DeMark (TD) Sequential indicator presented a buy signal on LUNA’s 12-hour chart. The red nine candlestick is a sign of a bullish formation. An increase in buying pressure could validate the optimistic outlook. This could lead to one to four 12-hour candlesticks rising or the start of a new upward countdown.

    The Fibonacci retracement indicator, measured from Jan. 31’s low at $43.40 to Mar. 2’s high at $97.40, suggests that the potential bullish impulse could extend to $93. It could prove difficult to break this resistance, but the bulls could manage to break it and push prices towards $112 or even $120.

    LUNA price chart
    Source: TradingView

    As prices rise, it is crucial to see how LUNA reacts when it reaches $93 levels. Any weakness at this price point could prompt traders to take profits and trigger another correction. 

    Under these circumstances, LUNA could fall to $77 support. However, a fall to $70 is possible if this level is broken.  

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