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.
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.
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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