LUNA price extends the previous session’s decline and trades with a negative bias. The price shows signs of moving further lower if sliced the vital trend line. The development could lead to a further crash if LUNA buyers fail to defend key levels.
As of press time, LUNA/USD exchanges hands at $114.03, down 3.24% for the day. The sixth-largest cryptocurrency holds a 24-hour trading volume of $3,443,266,358 according to the CoinMarketCap.
On the daily chart, the LUNA price tested the ascending trend line, which is extending from the lows of $47.34. It would be interesting to watch if the price is able to hold the level as it could be a significant move.
On the opposite side, intense selling pressure could push the price to break the bullish slopping line. In that case, the LUNA price would meet the horizontal support level at $90.0.
On the flip side, a daily close above the session’s high would invalidate the bearish outlook on the asset. On moving higher, the first upside target could be located at record highs of $119.49 made Tuesday.
Furthermore, sustained buying pressure would crave the path to set new record highs around $120.
RSI: The daily Relative Strength Index gives a bearish divergence since March 9. However, the price tested all-time highs. Any downtick in the indicator would advocate for further selling in the token.
MACD: The Moving Average Convergence Divergence indicates impending bearish momentum. Although trades above the midline but the moving averages converge with negative sentiment.
Floki price has drawn strong attention after recording a bullish daily surge of over 30%.…
BNB Coin price has entered a powerful phase after breaking through a major resistance level…
Aster price has recently shown strong signals on the chart, with a breakout from its…
XRP price could be on the cusp of a big move in the coming weeks…
Bitcoin price has recently surged to the $120K mark, reclaiming momentum and sparking fresh optimism…
Pi Network price has crashed by over 90% from its highest level since its mainnet…