Terra becomes top-10 crypto: Classic 'bull pennant' setup paint $100 LUNA price target
Terra (LUNA) faces the prospects of hitting $100 in the coming weeks as it paints a classic bull pennant structure.
In detail, bull pennants appear as the price trends inside a triangle pattern after a strong move upside. Many analysts see it as a sign of bullish continuation, i.e., they think the instrument would eventually break above the triangle's upper trendline to resume its price rally higher.
Additionally, the profit target of a bull pennant structure typically comes to be the length equal to the size of the previous price rally, called flagpole, when measured from the breakout point. As it appears, LUNA has been forming a similar pattern on its lower-timeframe chart.
Considering the breakout happens at the point where the bull pennant
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