Luna Price Prediction: Double Bottom At $75.0, Buy Or Hold?

By Rekha chauhan
March 8, 2022 Updated March 8, 2022
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Luna’s price trades higher on Tuesday with remarkable gains. Terra (LUNA) lead gains among major cryptocurrencies in a broader market recovery. After riding nearly 100% in eight days, hitting the swing highs at $97.26 price retrace toward $75.0

  • Luna bucks the previous session’s decline with significant gains on Tuesday.
  • Expect more gains as the price reclaims the critical $80.0 level.
  • LUNA retreated 22% from the March 2 high find support around $75.0.

At the time of writing, LUNA/USD is trading at $81.20, up 3.46% for the day. The seventh-largest cryptocurrency holds 24-hour trading volume $3,019,279,676 with marginal 1.39% gains.

LUNA founds reliable support

Source: Trading View

On the daily chart, Luna’s price is looking for an upside momentum as the current price action is stable near the multiple support around $75.0.

A continued buying pressure would bring the first upside target of $90.0 in play.

Next, market participants make an attempt to take out the December 27 high of $103.62.

Alternatively, a daily close below $75.0 will trigger a fresh round of selling in the asset. The immediate downside target is placed at the lows of March 1 at $70.47.

Further, moving down sellers would collect the liquidity at the 50-day EMA (Exponential Moving Average) at $68.61.

LUNA price is under consistent selling pressure after testing record highs at $103.62. The downside momentum found support at January lows of $43.46. LUNA appreciated more than 100% making swing highs at $97.26.

Technical indicators:

RSI: The daily Relative Strength Index reads at 57 below the average line with a bullish bias.

MACD: The Moving Average Convergence Divergence hovers above the midline with receding bullish momentum.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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