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Is it too late to buy Luna as it hit a new all-time high?



 Terra-Coin (LUNA / USD) traded over 3% higher on Tuesday, breaking the all-time high it hit earlier this month. Luna has been trading in the green since last week and has closed higher every day for the past week, showing extreme strength and an upward trend. LUNA enables holders to pay network fees, participate in governance, participate in the consensus mechanism of Tendermint Delegated Proof of Stake and bind stable coins. The recent rally is due to the fact that the Terra ecosystem has improved its ecosystem significantly in recent months.

Luna had corrected earlier in the month which could have been a great entry point for investors who missed the previous rally. However, now many investors think that it is too late to buy Luna as it has already hit a new all-time high. Hitting a new all-time high, however, does not mean the Luna rally is over, it just means that investors need to be careful when entering. You should make sure they don't jump in for fear of missing out.

  • After hitting a new all-time high earlier in the month, Luna corrected to the breakout zone and retested the support before recovering.

  • It looks like Luna could do the same again, which is why a corrective movement could be seen soon. Hence, investors need to be patient and wait for Luna to retest the support at USD 76 before jumping in.

  • Volumes are slowly falling, suggesting a reversal soon. A correction could therefore be made soon.

  • The RSI is in the overbought territory, suggesting sellers may soon appear for profit posting.

Conclusion

Investors can wait for a correction that may soon materialize and enter the USD 76 support zone with the aim of a new all-time high.

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