LUNA Technical Analysis: Splurging Buyers Surpass $100

Key technical points:

Past Performance of LUNA

The LUNA coin price shows a remarkable growth of 20% in the last four days resulting in the rounding bottom pattern with the neckline at $100. The crucial psychological barrier breakout of $100 increases the overall bullish attention evident by the 180% jump in trading volume. Furthermore, the rally brings a triple white soldier pattern continuation indicating sustenance in buying pressure which may continue further. 

Source-Tradingview

LUNA Technical Analysis 

LUNA coin price breaks above the psychological mark of $100 with a bullish engulfing candlestick projecting a huge surge in the buying pressure. However, the breakout of such a critical level demands a retest for further bullish continuation. 

The Terra market price continues the bullish rally above the crucial EMAs, maintaining a positive alignment in the daily chart. Hence, the EMAs are projecting a solid underlying bullishness.

RSI Indicator: The RSI slopes spikes above the 14-day SMA as it maintains in the nearly overbought zone. Hence, the indicator reflects a surge in the buying pressure. 

Pivot Point Indicator: The pivot points indicate an upcoming resistance at $108 that might result in a retracement as a retest of $100 breakout. However, the post-retest rally surpassing the $108 might hit the $125 mark. On the opposite end, the closest support level is $77.

In a nutshell, the LUNA technical analysis projects a high likelihood of bullish continuation above the $100 mark.

Upcoming Trend 

The LUNA coin price experiences a surge in buying pressure with the rounding bottom and $100 breakout. Hence, the upcoming trend can reach the $125 mark if we observe sustained buying pressure. 

However, the retest demand of the $100 breakout increases the chances of price succumbing under the psychological barrier.

Support Levels: $100 and $90

Resistance Levels: $108 and $125