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.
Trending Stories
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.
- Crypto Proponent Outlines Catalysts For Bitcoin’s Next Bull Run, Time To Buy?
- Terra’s UST Causes A 20% Dump In DeFi Token Curve (CRV), Here’s How
- Can Tron Fill The Hole In DeFi Left By Terra?
- Terra Crash Causes Ripple Effect Among Crypto Startups, Here’s How
- Bitcoin (BTC) To Slip Further Below $29K Today, Where’s The Bottom?
- LUNA, UST Volatility Spikes As Voting On Terra Fork Begins
- Panama Delays Legalizing Crypto On This Major Factor
- Big Investors in Terra LUNA Finally Break Silence, Here’s What They Have to Say
- Bitcoin (BTC) Tanks Under $29,000 After A Classic Bull Trap, Still More Pain Left?
- Just In: Russia Minister Hints At Bitcoin Payments Nod
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
