LUNA Technical Analysis: LUNA Price Teases Entry in the Three-Digit club?

Key technical points:

Past Performance of LUNA

The parabolic recovery in Terra coin has doubled in less than a month. The recovery rally initiated at the February end has breached three significant resistance, i.e., $60, $77, and $93.6. Last week the altcoin turned from the $93.6 resistance, providing a 17.5% pullback opportunity before the price bounced back from $77 flipped support.

Source-Tradingview

LUNA Technical Analysis 

On March 8th, the LUNA buyers rebounded from $77 support with a morning star candle pattern. The sustained buying has driven the altcoin by 32.2%, hitting the ATH resistance of $100. However, the sellers are aggressively defending this resistance, trying to reject the coin to lower levels.

The rising crucial EMAs(20, 50, 100, and 200) show the buyers have the upper hand in a bullish sequence. Moreover, the 20-day EMA has flipped to proper support, bolstering the buyers to maintain the bullish rally.

RSI Indicator: The RSI slope shows rejection from the overbought boundary as the $100 psychological barrier keeps the bullish trend under control. Moreover, the bearish divergence projects the possibility of a reversal to the $80 support zone.

Stochastic RSI Indicator: The sudden start of the bull cycle after the premature crossover keeps the uptrend going in the K and D lines. However, the shivering strings project the bearish tension and the reversal possibility.

In short, LUNA technical analysis shows a solid psychological barrier at $100, which may shortly propel a correction rally. 

Upcoming Trend 

LUNA coin price action shows lower price rejection at the $77 level, indicating the buyers are defending this level. If buyers sustain this flipped support, the buyers will knock out the overhead resistance of $100, resulting in a breakout rally to the $115 mark.

Support Levels: $90 and $80

Resistance Levels: $100 and $115