LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
After nearing the absolute zero, the LUNA prices bounce back on what can be called an atomic scale. This is because the recovery hardly brings any consolation to the LUNA investors. But is it time for you to consider buying low, or is it just another trap for greedy bulls?
Key points:
- The LUNA chart shows a falling wedge pattern.
- The intraday trading volume in the Terra is $4.92 Billion, indicating a 40% drop.
Source- LUNA/USD chart by Tradingview
Terra(LUNA) prices rose from the ashes yesterday, displaying a rise of more than 1000% in a day. Usually, this would be a piece of great news for investors but not for LUNA holders.
The price jump reaches the $0.00050 mark before diving deeper into the resistance trendline influence, resulting in a falling wedge pattern. The bearish pattern is formed due to the lower low formation and generally shows a bearish crackdown.
And currently, resting at the support trendline close to $0.00002, the reversal chances are lowered. Moreover, the higher price rejection in the previous candle reflects bullish failure to reverse the trend.
The increasing selling pressure cracks the support trendline and warns of another fatal fall. Therefore, traders/investors finding a buying spot and hoping that LUNA regains its previous value or at least $1 must wait for the resistance trendline breakout.
However, under current situations, the resistance breakout seems improbable. Moreover, the trading volume in billions reflects high leveraged positions still in play.
Technical indicator-
The Stochastic RSI shows a bearish crossover in the neutral territory reflecting increased chances of the support trendline failing to sustain the selling pressure.
The 20-period SMA struggles to provide bullish support and control the selling pressure.
- Support level- $0.000020, and $0.00010
- Resistance level- $0.00040 and $0.00055
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
- Oil Prices Rise as Trump Fails to Provide Timeline for When Iran War Will End
- Bybit Unveils ‘AI Trading Skill’ to Enable Agentic Trading as AI Gains Traction in Crypto
- Breaking: U.S. PCE Inflation Cools to 2.8%, Lower Than Expected
- Bitcoin Price Hits $72K, Top Reasons Why It’s Skyrocketing Today
- Playnance Plans March 18 Launch of G Coin as Activity Grows Across Its Blockchain Gaming Ecosystem
- Solana vs XRP Price Forecast: Can SOL Reclaim Its All-Time High Before XRP Hits $2?
- Top Analyst Predicts Cardano Price Could Surge 100% As Bitcoin Breaks $72k
- What’s Keeping Shiba Inu Below $0.0000065- Analyst Predicts 30% Rise Ahead
- BTC Price to $100K by 2026? Kalshi and Polymarket Odds Climb to 42%
- Why Pi Network Price Surged 30% Today?
- What Happens to XRP Price If US Wins War Against Iran?
