The LUNA/USDT pair bounce back from the support trendline with a morning star candle pattern. The straight three green candles pump the altcoin by 11.2%, allowing it to rechallenge the crucial $100 resistance. Can buyers make an honest breakout this time, or will the sellers step up again?
- The LUNA price retest the $100 mark
- The daily-RSI chart shows an evident bearish divergence
- The intraday trading volume in the LUNA is $2.59 Billion, indicating a 19.65% loss.
On March 11th, the Terra(LUNA) price turned down from the mark with an evening star candle pattern. However, the correction couldn’t extend large as the buyers halted the coin price at $86.4 support.
The technical chart also displayed an upcoming ascending trendline which supported the new higher high in price. The recent reversal from the dynamic support surged the altcoin by 11.2%, hitting the $100 mark.
The buyers would attempt to breach the overhead resistance, indicating the buyers are ready to sail to newer heights. Moreover, the traders can maintain a bullish tendency until the support trend lines remain intact.
Contrary to the bullish thesis, if sellers pull the coin price below the rising trendline, the short-sellers could dump 14.5% down to $86.4, followed by $76.2.
- Resistance levels: $95 and $100
- Support levels: $86.5 and $77.5
SMA: With the recent bullish crossover among the 50-and-100-SMA, the LUNA price regains a bullish sequence among the crucial EMA(20, 50,100, and 200) in the daily time frame.
The Relative Strength Index: the RSI slope shows a bearish divergence concerning the last four swing highs. These divergences indicate weakness to the bullish momentum suggesting a bearish reversal from the 100 mark.
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