Terra (LUNA) Price Prediction: LUNA Advances Toward $90.0 With Rising Volumes

Rekha chauhan
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LUNA hits a record TVL of $20.05 billion

Terra (LUNA) price continued to perform exceptionally well since February 21 despite Thursday’s rout. However, the price remains pressured near the session’s high. LUNA was among the largest crypto market gainers for two years as demand for decentralized financial services picked up among retail traders.

  • Terra (LUNA) price edges higher on Saturday.
  • Luna has outperformed top-ranking cryptocurrencies this week including Bitcoin.
  • Momentum oscillators signal a continuation of the upward momentum.

As of press time, LUNA/USD is trading at $75.26, up 3.08% for the day. The 24-hour trading volume of the ninth-largest cryptocurrency by market cap is being held at $3,535,065,777 with more than 25% losses.

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LUNA set to step higher

On the daily chart, Terra’s (LUNA) price has depreciated almost 58% from the record high of $103.50. LUNA sliced below 50-day EMA (Exponential Moving Average) $74.32 and remain pressured below the mentioned level.

Source: Trading View

However, Luna finds crucial support near the 200-EMA at $46.36. The price surged 77% to the swing highs of $77.20.

The descending trend line from the mentioned line acts as a resistance barrier for the bulls. But today’s price action took the courage to pierce above the bearish line. A resurgence of the buying pressure could test the psychological $80.0 level.

Next, market participants will flex their muscles toward the $90.0 horizontal resistance line.

Alternatively, if the price fails to close above the mentioned trend line the pair will test the 50-day EMA at $60.78

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) reads at 68, which shows the market is still far from overheating.

MACD: The Moving Average Convergence Divergence (MACD) trades above the midline with advancing bullish momentum.

 

 

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.

About Author
About Author
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.
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.
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