LUNA price shows positive momentum for the two consecutive sessions. The price has undergone a steep fall from the record high of $119.44 made on April 5. Now, the sellers seem exhausted near the vital support level.
- LUNA price gains nearly 7% in the past two sessions bucking the previous trend.
- Investors can expect LUNA to retest $100.0 before making another attempt to tag $120.0.
- However, the price remains pressured below the 50-day EMA.
As of publishing time, LUNA/USD exchange hands at $86.71, up 2.57% so far. In addition to that, the 24-hour trading volume stands at $2,034,778,610 with more than a 30% loss. The decline in the volume with rising in the price is generally a bearish sign.
LUNA price trades near support level
On the daily chart, the LUNA price rallied more than 140% from the support level that is placed at the 200-day EMA (Exponential Moving Average) at $48.60. However, since then the price witnessed a steep fall below the 50-day EMA at $91.04.
A renewed buying pressure put the bulls on the front foot with more than 6% gains in two sessions. Furthermore, a break above the mentioned moving average will bring more gains in the asset. If that happens, then the immediate upside target could be found at the psychological $100 level.
The relative strength index oscillates near the oversold zone and attempts to move above the average line. Currently, it reads at 40.
The volume oscillator continues to consolidate above the midline
indicating the buyers still hold the strength.
On the flip side, if the price breaks below the session’s low then it would invalidate the bullish outlook of the price. In that case, the LUNA price would seek the support around the lows of March 7 at $75.65 followed by the demand zone at $70.0
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