LUNA Price Prediction: Is $78.5 Support A Buy The Dip Opportunity?

Published by
LUNA Price Prediction: Is $78.5 Support A Buy The Dip Opportunity?

On Friday, the Terra (LUNA) price turned down from the $100 resistance forming an evening star candle pattern. The long-bearish candle showed a 13% intraday loss and breached the $93 support. Can the sellers extend the correction to $78.5 support, or will buyers step in to continue their rally?

Advertisement

Key points:

  • The LUNA chart shows a higher price rejection candle at $93 flipped resistance
  • The daily RSI chart shows negative divergence.
  • The intraday trading volume in the LUNA is $3.386 Billion, indicating a 41% loss.

Source- Tradingview

Amid the geopolitical issue between Russia and Ukraine, the Terra coin gathered remarkable gains as February ended. The altcoin doubled from the $48 support in less than three weeks, resting the All-Time High resistance of $100.

However, the higher price rejection candle on march 9th and 10th suggested the sellers continue to defend this level with vigor. The follow-up reversal breached the immediate support of $93, displaying an evening star candle pattern.

Today, the retest phase shows a long-wick rejection candle indicating the intense supply pressure at the higher levels.

The renewed selling could plunge the altcoin by 12%, bringing it to $78.5. However, a confluence of other technical support, i.e., 20 DMA and 0.5 Fibonacci retracement level, suggests the buyers would mount a strong defense at this mark.

On a contrary note, if buyers pushed the coin price above the $93 mark. The resulting fakeout will encourage buyers to rechallenge the $100 resistance.

  • Resistance levels: $93 and $100
  • Support levels: $78.5 and $63
Advertisement

Technical indicator

A bearish divergence in the daily-Relative Strength Index (73) bolsters a pullback to the following support($78.5) 

However, the recovery rally reclaimed a bullish sequence among the DMAs(20, 50, 100, and 200). These DMA lines could assist buyers in continuing the bullish rally.  

Advertisement
Share
Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds

Cardano price crash continued today, Oct. 30, after the Federal Reserve delivered a hawkish cut.…

October 30, 2025
  • Price Analysis

Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal

Bitcoin price dropped sharply, sliding 4% in the past 24 hours to $108,398. The decline…

October 30, 2025
  • Price Analysis

Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies

The Pepe Coin price has drawn renewed attention as analysts and whales hint at growing…

October 30, 2025
  • Price Analysis

Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?

Solana price remains resilient above the $190 mark, showing signs of bullish momentum despite recent…

October 30, 2025
  • Price Analysis

Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence

Pi coin price has rebounded strongly, breaking its multi-month descending structure and targeting the $0.65…

October 30, 2025
  • Price Analysis

Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level

Ethereum has overtaken Bitcoin in institutional treasuries, signaling a notable change in digital asset accumulation…

October 29, 2025