Terra Price Prediction: LUNA Price Approaches 0.382% Fibonacci Retracement Near $0.90

Rekha chauhan
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LUNA price fell for the fifth straight session in a row, exuding extreme bearishness with a nearly 23% fall. This momentum is expected to continue as the bulls failed to sustain the key support levels. Investors can expect more downside in the asset.

  • Luna’s price continues its downward movement on Friday.
  • A break below $100.0 targets 0.382% Fibonacci retracement next.
  • The momentum oscillators remain mixed warning of aggressive bids.

As of publication time, LUNA/USD exchanges hands at $98.99, down 5.75% for the day. Further, the 24-hour trading volume of the ninth-largest cryptocurrency holds at $2,647,636,246 as per the CoinMarketCap.

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LUNA price moves south

LUNA’s price surged 170% after tagging the lows near $43.0 in late January. The price tested all-time highs at $119.05. However, the recent uptick that led to the massive gains in the token failed to push through. As a result, LUNA sellers took over, leading to a 23% retracement so far.

Now, the price is heading toward the $0.382% Fibonacci retracement level near $0.90. This also coincides with the 50-day EMA (Exponential Moving Average). Hence, a crucial level to sustain. A failure to hold will result in the continuation of the downside move.

In that case, the next target could be located at the lows of March 18 at $82.0.

On the other hand, a demand zone exits near $92.0. So if the buyers are able to hold a reversal is very much likely. On moving higher LUNA’s price would tag Thursday’s high around $109 followed by the all-time highs of $119.49.

Technical indicators:

RSI: The Relative Strength Index breaches below 50 with a sharp move. This indicates immense selling pressure.

MACD: The Moving Average Convergence Divergence depicts increased bearish momentum as slides below the midline.

 

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.