Luna Price Prediction: More Pain Below 0.23% Fibonacci Retracement At 90.0; RSI Bearish Divergence Signals Heavy Sell-off
Luna’s price edges lower with significant losses as the weekend begins. LUNA looks exhausted after rising nearly 100% from the lows of $43.50. Some retracement is expected at price from higher levels as evident from the recent price action.
- Luna’s price dives deep into lower levels on Friday.
- Expect more losses if the price falls below 0.23% Fibonacci retracement level.
- RSI bearish divergence on the daily chart suggests impending bearish momentum.
LUNA price set to decline further
LUNA price is retreating after bucking the overall crypto market trend and testing a record high level on Thursday at $104.54. However, the formation of the “Spinning top” candlestick pattern, which is a bearish reversal pattern cast doubt over among investors about the continuation of the upside momentum. Now, followed by a red candle gives confirmation of the further downside in the asset.
The immediate stoppage is placed at 0.23% Fibonacci retracement at $90.0. A daily close below the mentioned level would meet the next support at the vital $80.0 support level.
However, the prevailing uptrend will reverse if the LUNA price slips below 0.5% Fibonacci retracement level of $70.0.
On the flip side, a shift in the bullish sentiment would pause the declines and sellers might find support around $90.0 then it could recapture the psychological $100.0 level.
Next, market participants will make an attempt to take out recent highs of $104.50.
Technical indicators:
RSI: The daily relative strength index gives a bearish divergence since February 26 while pricing rises higher. Further price slips below the average line and reads at 59.
MACD: The Moving Average Convergence Divergence trades above the midline with a neutral bias. Any downtick in the indicator could price lower.
As of writing, LUNA/USD is trading at $91.25, down nearly 10% for the day.
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