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Vikram
May 9, 2022
by Vikram

 LUNA Technical Analysis: Sellers Keep Grinding LUNA Prices 

LUNA
LUNA prices show a solid bearish trend in action as the market value is down by 30% in the last week. Should you expect a fall to $50?

Key technical points:

  • The LUNA price breaks under the 200-day EMA.

  • The 50 and 100-day EMAs prepare for a bearish breakout.

  • The 24-hour trading volume of Terra is $4.68 Billion, indicating a 16.85% rise. 

    • Past Performance of LUNA

    LUNA prices showcase a downtrend under the influence of a highly bearish trendline driving the prices under the 200-day EMA. The downtrend cracks approach the $60 level as the selling pressure increases significantly last week. 

    TradingView Chart

    LUNA Technical Analysis 

    The downfall in LUNA prices creates six consecutive bearish candles, projecting higher price rejection with long wick formations, teasing a potential fall under $60. Therefore, traders can find selling opportunities shortly with a closing below the support zone. 

    The EMAs maintain a bullish alignment but the market value is below the 200 EMA with a significant bearish influence on all the EMAs. Moreover, the 50 and 100 EMA are eager for a bearish crossover. 

    The RSI slope reaches the oversold boundary after failing to cross above the 14-day average line and the halfway line. Hence, with the decreasing RSI value with a downtrend in the 14-day SMA, the indicator displays a sell signal. 

    The MACD indicator shows a bearish continuation of fast and slow lines under the negative territory with a remarkable increase in negative histograms. Hence, the indicator projects a significantly solid underlying bearishness controlling the trend.

    In short, the LUNA technical analysis projects a solid downtrend ready to crack the $60 support zone.

    Upcoming Trend

    If sellers retain trend control for today, the LUNA market value will breach the $60 mark and will increase the likelihood of approaching the psychological mark of $50. However, a lower price rejection like yesterday will delay the bearish trend continuation and increase the possibility of a reversal to $70.

    Support Levels: $60 and $50

    Resistance Levels: $70 and $80

     

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    LUNA Terra
     LUNA Technical Analysis: Sellers Keep Grinding LUNA Prices 
    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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