The cryptocurrency market saw positive movement on Thursday, with Bitcoin reaching the $100,000 milestone and currently trading at $102,835. Terra Luna also experienced a significant increase, rising 21.13% and breaking free from a descending channel pattern. The altcoin's price actions suggest a possible trend reversal, with bulls targeting a crucial resistance level at $0.895. If this level is breached, it could lead to further upswings to $1.50, indicating a 108.33% surge. Technical indicators, such as the golden cross formation and the MACD, support the bullish outlook for LUNA. However, there are concerns about potential retracements and volatility, as indicated by the overbought market conditions and magnified social dominance. The balance between buyers and sellers reflects uncertainty in Terra's future performance. Nevertheless, the increased trading volume and optimistic trader sentiment suggest positive trend reversals. Analysts are also confident about an altcoin season following Bitcoin's surge, with expectations of further upside once Bitcoin consolidates. The reaction of LUNA to the $0.895 resistance level will determine its price trajectory in the coming sessions. Despite some potential obstacles, such as RSI's overbought conditions, the altcoin has favorable conditions for further upward movement, including increased trading leverage and bullish developments.



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