The LUNA price breached the $75 threshold and brings a retest entry opportunity to reach the $90 mark. The rally starting from the $50 mark gains more than 50% in the past five days resulting in the breakout of multiple barriers on the way to the top. However, the retracement hints of a retest to gain bullish momentum to reach $90. Will this breakout bring the best buying opportunity?
Key technical points:
- The RSI slope approaches the oversold boundary
- The intraday trading volume in the Terra token is $3.01 Billion, indicating a 15% loss
Will The Bullish EMA Crossover Help Reach LUNA price $90?
In the 4-hour time frame chart, the LUNA price shows a consolidation close to the horizontal level of $75. However, the recent lower price rejections hints the resistance had flipped to support.
The bullish crossover of the 100 and 200-period EMAs mark a surge in the underlying bullishness that will fuel the ongoing rally.
If buyers regain the momentum followed by the tail formations, the altcoin prices may hit $90 after surpassing the $84 level.
Considering a different point of view, if the bears overtake the trend control, a reversal to $60 is possible.
Last week’s rally comes after the $60 breakout, which hints at a double bottom pattern as the Terra token price action projects two distinct dips at $50. However, the $1 Billion funding can be credited to keep the bullish zeal alive that held the altcoin in the top gainers list during the bearish week.
The RSI indicator slope (69%) shows a short pullback from the overbought zone, but the overall signal remains bullish. Moreover, the 14-day average breaks above the halfway mark. Moreover, the MACD histograms show a bullish trend in action, with the fast and slow line breaking above the zero mark.
- Resistance levels- $84 and $90
- Support levels-$65 and $60
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