Terra and ThorChain prices are bottoming up after profound losses. RUNE/USDT must first clear $4.5 while LUNA/USDT bulls target $8 in the short term.
The project wants to combine exciting elements of crypto and fiat to power a payment system and speed up overall adoption using LUNA as the bedrock.
After days of lower lows and bears taking charge, there appears to be a shift in fortunes for LUNA bulls.
The token is up 12 percent on the last trading day.
At the same time, prices are reacting at vital Fibonacci levels, a net positive for buyers optimistic of further price gains in the days ahead.
A three-bar bullish reversal pattern in the daily chart bounces back with increasing trading volumes, suggesting a buildup in demand.
LUNA prices look likely to expand in the days ahead, unwinding losses of the better part of June.
The primary support level for LUNA/USDT stands at $5, while the uptrend would be more apparent once prices surge past $8 and July 2021 highs.
There is a clear uptick in participation reading from yesterday's gains.
The odds are, LUNA prices will continue inching higher in the days ahead.
For this reason, every low may be a loading opportunity for aggressive LUNA bulls targeting $8 and $11 in the medium term.
Losses below $5 twirl price action in favor of LUNA bears in sell trend continuation.
The ThorChain cross-chain DEX recently suffered an exploit that saw RUNE prices curve. At the time of writing, the coin is one of the top performers.
RUNE/USDT has support at the time of writing, but losses in the last trading week are pronounced reading from price action.
Technically, RUNE/USDT remains in a bear breakout pattern and would take much convincing for bulls to take charge despite July 21 gains satisfactorily.
The odds are, RUNE prices will likely build on July 21 gains to overcome $4.5—a primary resistance level as prices bottom up.
However, if not, RUNE prices might continue sliding in a bear trend continuation pattern in the coming weeks.
The downtrend is evident, and sellers are undoubtedly in the driving seat from a top-down approach.
Although there is a double bar bullish reversal pattern, a close above $4.5 would confirm trend reversal, favoring bulls.
For now, aggressive RUNE/USDT may load the dips as long as prices trend above $3, aware that deeper losses cancel the uptrend.