LUNA Price Analysis: After the 15% Spike, Was Local Bottom Found?

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Terra’s native token price, LUNA, increased by 15% yesterday, shortly before BTC reclaimed the $40K mark.

Key Support level: $78

Key Resistance level: $92, $120 (ATH)

Luna’s downtrend since hitting a new all-time high at $120 came to a quick stop yesterday when the price rallied 15% in one day.

The biggest challenge now for Luna is to break the critical resistance at $92. If successful, this can put LUNA in a position to target a 3-digit price and maybe the ATH level.

LUNAUSDT_2022-04-19_15-19-27
Chart by TradingView

Technical Indicators

Trading Volume: The volume exploded yesterday following the price rally, but it seems LUNA failed to continue this momentum today.

RSI: The RSI spiked to 50 points on the daily timeframe and made a higher high. This is a positive sign and a renewed uptrend could be had if buyers break the key resistance.

MACD: The daily MACD is bearish, but the moving averages are curving up. Buyers need to show more strength to turn the momentum bullish.

LUNAUSDT_2022-04-19_15-19-15
Chart by TradingView

Bias

The current bias on Luna is neutral. Buyers managed to stop the ongoing correction, but it’s too early to declare a price reversal.

Short-Term Prediction for Luna Price

LUNA has a great opportunity to hit a three-digit price again if buyers continue to push higher. The key resistance at $92 must be broken, otherwise, sellers may take over the price action and lead LUNA into a deeper correction.



Source link Crypto Potato

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