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LUNA price edges lower on Thursday with losses. Terra (LUNA) opened higher but failed to sustain the highs. The price continues to consolidate in a tight range of $85.0 and $95.0. Investors are looking for some catalyst to set the next directional basis.
- LUNA price trades lower in a tight range on Thursday.
- More challenge for LUNA below 0.23% Fibonacci retracement level at $0.87.
- RSI bearish divergence echoes for the downside momentum.
LUNA price set to decline
On the daily chart, after surging nearly 140% from the lows of $43.49 the LUNA price took a breather at the record highs of $104.66. The price records the biggest single-day fall on March 11 with a fall of 13% since January 21.
Now, a fall below the 0.23% Fibonacci retracement level will keep buyers on the back foot. Intense selling pressure will drag the price toward the 0.38% Fibonacci retracement at the psychological $80.0 level.
The selling pressure will further intensify if the price slips below the 50-day SMA (Simple Moving Average) at $75.55. In that case, the LUNA price revisits the $0.70 mark.
On the flip side, a spike in buy order will push the price back toward the session’s high at $90.0. Furthermore, a decisive close above the mentioned level will recapture the crucial $100.0 level.
Technical indicators:
RSI: The daily Relative Strength Index gives bearish divergence since February 28 as the price makes higher highs. A downtick in the indicator will bring more downside in the pair.
MACD: The Moving Average Convergence Divergence trades above the mid-line with a bearish crossover.
As of publication time, LUNA/USD is trading at $87.87, down 1.50% for the day. The seventh-largest cryptocurrency by market cap holds the 24-hour trading volume at $2,340,922,165 according to the CoinMarketCap.
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