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Vikram
Apr 9, 2022
by Vikram

LUNA Technical Analysis: Cracking Under $100, Bears Eye $75

LUNA
LUNA coin price fails to rise above the $120 mark and falls under the psychological barrier at $100. Will the downtrend reach $75?

Key technical points:

  • The Weekly-RSI chart displays a bearish divergence

  • In addition, the market price dips below the 50-day EMA.

  • Finally, the 24-hour trading volume of Terra is $3.29 Billion, marking a 32.87% fall.

    • Past Performance of LUNA

    LUNA coin price showcased an uptrend after retesting the $75 mark on 7th March, resulting in the $100 breakout and reaching the $120. The uptrend generates a support trendline moving along with the 20-day EMA. However, the recent increase in selling activity breaks below the trendline and the psychological mark accounting for a downfall of 18% within a week. 

    TradingView Chart

    LUNA Technical Analysis 

    LUNA coin price action reflects a bearish engulfing candlestick breaking below the $100 and support trendline indicating a potential downfall to $75. However, closing below $90 will intensify selling pressure and accelerate the decline.

    The recent price fall sliced through the 20-day EMA dynamic support and tagged the 50-day EMA. The coin chart displays a bullish alignment among the crucial EMAs(20, 50, 100, and 200), which could assist buyers in continuing the bullish rally.

    RSI Indicator: The daily-RSI slope projected a sharp drop to the bearish territory following an evident bearish divergence. The indicator value lingering below the neutral line(50) highlights a bearish tendency.

    MACD Indicator:  A bearish crossover among the MACD and signal lines indicates a sell signal for coin traders. Moreover, the rising red bars on the histogram suggest the bears are strengthening their grip. 

    In a nutshell, the LUNA technical analysis highlights the trendline breakout and reflects a potential fall to the $75 mark.

    Upcoming Trend 

    LUNA coin price experiences a surge in selling pressure with the psychological barrier cracking under pressure. Hence, traders can find selling opportunities below $90 with a target of $75.

    Contrary to the bearish dogma, closing above $100 will nullify the retest phase and result in a jump to $115.

    Support Levels: $90 and $75

    Resistance Levels: $100 and $115

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    LUNA Terra
    LUNA Technical Analysis: Cracking Under $100, Bears Eye $75
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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