LUNA Price Analysis: Terra (LUNA) Recovers by 200% Off Lows, Here Are Next Buy/Sell Levels

By Domenic
Published August 5, 2021 Updated August 5, 2021
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LUNA Price Analysis: Terra (LUNA) Recovers by 200% Off Lows, Here Are Next Buy/Sell Levels

By Domenic
Published August 5, 2021 Updated August 5, 2021
  • LUNA price has risen 170% the last two weeks
  • 25MA has held as support for 15 days
  • RSI is near breaking its up trend line

LUNA Vs Overall Market

LUNA price has had a wild revival the last few weeks. Prices rose almost 200% from the low set a few weeks ago as the general market has risen an average of 40% off the lows. This is very impressive for an alt-coin as the majority of alt-coins are still gaining steam for a strong push upwards.

After such a strong bullish surge, it is safe to assume some type of retracement may occur before pushing LUNA price higher. 

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For the past 15 days, LUNA has been respecting an ascending channel (shown in green). This channel has held LUNA throughout a very strong upwards trend. Just over the past 12 hours, LUNA has experienced 2 rejections at the top of this channel. Each time this has happened, LUNA price retreated back to the bottom trend of this channel.

If the current support of $14.50 fails to hold, we can expect LUNA to fall back to the bottom trend of this channel, along with the major support of $13.55. 

LUNA Price Analysis: LUNA/USDT 4 Hour Chart

TradingView Chart Snapshot

Over the past 2 weeks, the 25MA has held support for LUNA. This can be referenced over the coming days as a break below this MA along with the bottom trend of the channel, will likely trigger a short term downtrend. For LUNA price to continue pushing, it must break & HOLD its major resistance zone found at $14.50-$15.00. This will set LUNA up to hit its next targets. Although, it seems likely LUNA price needs some cooling off before this occurs.

  • While looking at the RSI, we can see a trend line has been respected for over 2 weeks. At the time of writing, the strength is hanging out very close to it. Breaking below this trend will cause the trend to shift and LUNA price will begin a short term retrace.
  • The MACD has been floating decently high the last few days and it seems to be curling over, readying for a bearish cross. 

LUNA Intraday Analysis

  • Spot rate: $14.70
  • Trend: Bullish
  • Volatility: High
  • Support: $14.50
  • Resistance: $15.13
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic
130 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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