Terra’s (LUNA) price is trading with substantial losses as it fails to capitalize on the previous session’s gains. The pair opened lower but quickly recovered near the session’s higher level. However, all gains were evaporated as soon as the price tag $94.0 mark.
- Terra’s (LUNA) price edges lower on Thursday with nearly 4% losses.
- Luna could revisit $76.0 if the price retrace below 0.38% Fibonacci level.
- Further, a double top near $94.0 indicates price correction in short term.
Now, the price is just hovering above the lows made in today’s session at $86.89. The study of various technical indicators is suggesting further retracement is expected at LUNA price.
Firstly, the daily Relative Strength Index (RSI) virtually trades flat near $73.0 while the price makes higher highs. The momentum indicator reads above $70, which means the market is overheated. Thus, some profit booking is expected near these levels.
Secondly, the average trading volume is also becoming stagnant after a good jump since February 21st. LUNA has outperformed the broader crypto market space as it registered nearly 100% gains from the February lows.
Finally, the Moving Average Convergence Divergence (MACD) holds above the midline with a bullish bias. Any uptick in the indicator could further strengthen the bullish outlook for the pair.
But, if the price fails to hold the session’s low then it could immediately fall toward the 0.23% Fibonacci Retracement level at $83.0. Next, market participants could revisit $76.0 at the 0.38% Fibonacci retracement level.
Alternatively, if investors successfully flipped the resistance turn support level around $87.0 then the possibility of testing the $100.0 psychological level can not be ruled out. As of publication, LUNA/USD is trading at $87.69, down 5.98% for the day.
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