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.
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.
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.
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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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