Terra (LUNA) Price Shows Buying Interest, Sets Eyes On Weekly Highs at $90.0

LUNA price has shown signs of strength on Thursday with 2% of gains approx. while extending the previous two day’s upside momentum. The broader cryptocurrency market has been treading water for the past few sessions, LUNA has been showing remarkable resilience near the lows. LUNA remains a bright spot for the traders.

• Terra’s LUNA bounce back is still under the process, further upside is likely.
• A daily close above $82.88 would form the base for a move towards the weekly highs of $90.0.
• Downside risk remains intact on the weekly chart with bearish RSI divergence.

LUNA Foundation Guard (LFG) announced support to Terra Ecosystem and Open-source Technology

Singapore-based Luna Foundation Guard (LFG) officially announced its formation and mission objective to support the growth and development of open-source technology, and to facilitate the purpose of a decentralized economy. In doing so, LFG shall receive an initial gift allocation of 50 million LUNA from Terraform Labs (TFL).

Technically speaking, the formation of higher highs and lower lows that begins from the lows of $37.84 ended with gains of 173% on27 Dec after the price peaked at $103.50. This marked the making of the ATH price level. However, LUNA’s price has dropped almost 39% since then after bottoming out at $62.56 and bouncing back to $87.00. Thus, forms the double top formation building pressure on the bulls.

LUNA bulls find some respite, as the price trades above the 20 & 50 days SMA. The daily Relative Strength Index (RSI) is at 51 with a bullish crossover. Thus, creating a short-term bullish scenario towards the weekly highs of $90.00. The next upside target seems at the all-time high of $103.50.

The price has been continuously trading above the 50-DMA since December 27, still, the price continues to trade above the significant moving average. The volume dropped more than 25% to $1,681,978,961 in the past 24-hour.

On the other hand, a decisive close below the January 18 lows of $74.03 would risk the downside toward $68.00.