LUNA Technical Analysis: Bulls Overcome Sellers at $90
Key technical points:
Past Performance of LUNA
The LUNA coin price showcased a bit of rejection near the $75 resistance zone, but the sudden recovery in the overall market propelled it higher. The coin price breaks above the $75 zone, as we forecasted in our previous article. The rally shows an overnight growth of 20% resulting in the breakout of the $85 mark.
Source-Tradingview
LUNA Technical Analysis
The LUNA coin price action shows a huge bullish engulfing candlestick that reaches the $90 mark and hints of a continuation above the psychological mark of $100. Therefore, a possibly lower price rejection can be observed later today.
The daily crucial EMAs in the Terra price chart regain their bullish alignment by avoiding the 50 and 100-day EMA crossover. Hence, the EMAs can provide bullish support to any bears attacks in the near future.
The MACD indicator shows the bullish histograms continuing the high rise formation that indicates a boom in buying pressure. Moreover, the fast and slow lines maintain a huge gap indicating that the uptrend is here to stay.
The RSI Indicator slope enters the overbought zone and marks the possibility of a short retracement to unsaturate the buying pressure. The RSI slope shows a bullish divergence in the past two peaks at $90, increasing the chances of a bull run above $90.
In short, the LUNA technical analysis shows a bullish bias and hints of a buying signal.
Upcoming Trend
The LUNA coin price shows a bearish candle of 3.70% which may shortly lower price rejection as buyers resurface within the next 17 hours left on the clock. Moreover, the recovering crypto market makes it the best time to enter the bullish rally. The post-breakout rally of $90 can face resistance near the $100 and $115.
Support Levels: $85 and $75
Resistance Levels: $100 and $115