LUNA’s price is facing some upside pressure on Thursday after testing fresh yearly highs at $104.85. LUNA surged more than 30% in the last three sessions. After testing the lows of $43.49 in late January the price nearly doubled till now.
- LUNA Price retraces after surging 23% in today’s session.
- A corrective pullback on the cards as the bulls took a breather.
- Capital inflows into the Terra ecosystem primarily sponsored the current price move.
As per the founder of Defiance Capital, Arthur Cheong’s rise in LUNA price is owing to tag at least $1 trillion or more worth of decentralized stablecoin market space via its native U.S dollar-pegged token, TerraUSD (UST).
An increased capital inflow along with a broader crypto market rally supported the upside in the stablecoin.
Is LUNA’s price’s upside continuing to stay?
LUNA’s price makes an effort to go beyond the record highs made on December 27 at $106.29 but retreated lower after tagging $1.04.85 on Wednesday. Now, the price is moving in a very tight range of $93.0 and $99.0 with a mild negative outlook.
Some profit booking is expected as LUNA price is already 56 from the lows of January at $43.49. The first downside target is placed at $87.40 horizontal support line.
Furthermore, a break of the ascending trendline, which is extending from the above-mentioned low level will trigger a fresh round of selling toward the 50-day EMA (Exponential Moving Average) at $71.04.
On the other hand, a decisive close above the session’s high will test the record highs of $106.29.
RSI: The daily Relative Strength Index shows negative divergence since February 28 as the price makes higher highs.
MACD: The Moving Average Convergence Divergence trades above the midline with a bullish outlook.
As of press time, LUNA/USD is trading at $95.92, down 3.42% for the day.
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