On 5th March, the Terra(LUNA) price turned down from the $92 resistance, hitting the immediate support zone of $80-78.3. The technical chart shows the buyers have two significant support of $78.3 and $61, which could revert the ongoing correction. Moreover, the Terra coin got recently listed on a Bahamian cryptocurrency exchange-FTX
Key points:
- The LUNA chart displays lower price rejection at $80 support.
- The intraday trading volume in the LUNA is $2.5 Billion, indicating a 25.6% loss.
Source- Tradingview
Last week’s recovery rally pumped the LUNA/USDT pair to the $92 mark. The altcoin doubled its value from the $47.3 support, despite the ongoing volatility in the crypto market. However, the several higher price rejection candles at this resistance indicated the sellers are aggressively defending this level.
The follow-up downfall has plunged the altcoin by 13%, retesting the breached resistance of $80-$78.3. The lower price rejection candle at this level indicates the prior resistance has flipped to support.
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The coin chart shows decreasing volume activity during the correction phase suggesting the LUNA price could bounce back from the $78.8 support. If they do so, the buyers will propel the altcoin 25% high to the All-Time Resistance at $100.
In contrast to the bullish thesis, if buyers couldn’t sustain above this support($78.3), the correction rally would extend by 20%, allowing the next dip opportunity at the shared support of $61 and the 50-day SMA.
- Resistance levels: $92 and $100
- Support levels: $78.3 and $61
Technical indicator
The recent reversal has plummeted the RSI slope to the 62 mark. However, the indicator value sustains above the neutral line indicates the bullish sentiment remains intact.
The sudden recovery has reclaimed the 20, 50, and 100-day SMA, providing an additional edge to the long traders. These SMA lines could act as a potential support to revert the ongoing correction.
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