LUNA Technical Analysis: Electrified Bulls Soon To Surpass $100

Key technical points:

Past Performance of LUNA

LUNA prices rise above the $90 mark as it shows a remarkable recovery of 20% from the $75 support zone. The reversal creates a sharp V-shaped reversal reflecting the release of trapped bullish momentum after the retest, forecasted in our previous article. The release of buying pressure builds two massive bullish engulfing towers that undermine the last week’s fall. 

Source-Tradingview

LUNA Technical Analysis 

As mentioned in our previous article, the LUNA price may shortly surpass the $100 psychological barrier and hit the $148 mark. However, a selling pressure expectation at $100 is high as it remains a crucial mark. 

The crucial EMAs maintain a bullish alignment as the altcoin continues to rise with the highly influential 50-day EMA and the trend-setting 200-day EMA. 

RSI Indicator: The RSI slope shows a sharp recovery to avoid reaching the halfway mark and remerges with the 14-day average line. However, the RSI slope remains at the overbought boundary, and the moment of surpassing it will generate a bullish signal.

Stochastic RSI Indicator: The K and D lines project the possibility of an early bullish crossover as the prices skyrocket after retest.

In a nutshell, LUNA technical analysis shows a bullish bias and hints at the $100 breakout.

Upcoming Trend

LUNA coin price creates a V-shaped reversal with a boom in buying pressure evident by the rise in trading volume. Hence, the upcoming trend anticipation hints at a bullish inclination as the $100 breakout possibility increases. However, a reversal from the psychological barrier at $100 can result in a short-retracement to $90. 

Conversely, closing below $85 will invalidate the bullish thesis and result in a downfall of $75.

Support Levels: $85 and $75

Resistance Levels: $100 and $115