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.
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.
Trending Stories
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.
- Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- South Korean Terra Holders Skyrocketed After Its Crash, Here’s Why
- Verse Metaverse – LA Villa Hand Over On May 30
- Bitcoin (BTC) Faces A Crash To 2020 Lows, Here’s Why
- On-Chain Data: Bitcoin (BTC) Always Pegs Higher Trust Over Ether (ETH) in Bear Market
- Is Terra’s Singapore Office A “Paper Company?”
- Bitcoin (BTC) Options Market Hints Major Downside Risks Over Next 3-6 Months
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
