LUNA Technical Analysis: Sellers Dominate As Support Trendline Falls
Terra, a blockchain protocol, utilizes fiat-pegged stablecoins to provide price stability for global payment systems. Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements.
Let us move ahead to read about the Terra technical analysis.
Past Performance of LUNA
The LUNA coin prices show a downtrend in action in the daily chart due to the rejection near $92. Moreover, the 15% fall in the last 24 hours makes a bearish engulfing candlestick. Therefore, it is evident that sellers are dominating the trend.
LUNA Technical Analysis
The LUNA coin price breaks below the support trendline and shows higher price rejection in the daily chart. Therefore, the increased momentum in the selling pressure indicates a downfall to $54.
The coin price breaks below the crucial 50-day EMAs and moves lower to the 100-day EMA. Nonetheless, the crucial EMAs including the 200-day EMA maintain a bullish alignment in the daily chart.
The RSI indicator at 40% shows a sharp fall as it breaks below the central line and the 14-day SMA. Therefore, the indicator suggests a rise in underlying bearishness.
The MACD indicator shows the MACD and signal lines falling lower towards the zero line after the bearish crossover. Moreover, the rising trend of bearish histograms indicates a boom in selling pressure.
Therefore, the technical indicators showcase a rise in selling pressure. That is why a downfall in LUNA coin price seems imminent.
Upcoming Trend
The LUNA coin price action showcases a rise in selling pressure as it breaks below the support trendline in the daily chart. Therefore, a downfall to the next support level is most likely.
The price action denotes crucial support levels at $32 and $54. And, on the opposite end, the resistance levels are at $75 and $90.