Luna Price Prediction: Keep Eyes On $90.0; Support Placed At 0.618% Fibonacci Retracement

By Rekha chauhan
March 7, 2022 Updated March 7, 2022
Best In

Earn

Telegram

luna-pic2

Terra’s (LUNA) price manages to trade in positive territory after falling more than 10% in the previous session. LUNA opened higher today and holds the gain on Monday. The formation of a ‘Doji’ candlestick near the critical 0.618% Fibonacci Retracement level at $76.0 is the key for the next leg up in the stablecoin

  • Terra (LUNA) price bucked the broader crypto market trend on Monday.
  • Expect, an upside toward $90.0 as holds near the 0.618% Fibonacci Retracement level.
  • LUNA retraced 20% from the swing highs of $97.20.

On the daily chart, after a healthy retracement of 20%, LUNA’s price is preparing for another round of buying opportunities. An immediate upside hurdle is placed at 0.786% Fibonacci Retracement level at $85.30.

 

Source: Trading View

A daily close above the mentioned level could witness another extended rally toward the psychological $90.0 level.

Next, a resurgence in buying pressure would bring the ultimate target of March 2 highs at $97.20 in play.

Technical indicators:

RSI: The daily Relative Strength Index (RSI) reads at 55 although below the average line but with a positive tilt. This indicates price could shoot up in the coming sessions in short term.

MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with a receding bullish momentum with a neutral bias.

VO: The volume oscillator hovers near the oversold zone.

Looking at the moving averages, LUNA price remains stable above the crucial 50-day and 200-day EMAs (Exponential Moving Average) at $68.26 and $53.18 respectively. It is a bullish sign.

On the flip side, a failure to hold the foothold above $76.0 will bring a 0.50% Fibonacci Retracement level into play that is placed at $70.0.

Furthermore, if the price sliced 50-day EMA then it will invalidate the bullish thesis for LUNA price.

As of press time, LUNA/USD is trading at $81.48%, up 3.35% for the day.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story