LUNA price takes the crypto market by storm while smashing the record highs above $107.0. The price opened lower but quickly recovered all the way to make fresh yearly highs making bulls cheerful.
- LUNA price outperforms the crypto space with more than 10% gains.
- Next, bulls keep their eyes on $110.0 amid strong buying momentum.
- The strong green candlesticks hint at more buying opportunities for investors.
LUNA price remains unstoppable
On the daily chart, the LUNA price smashed all the previous records and hits the season’s new high above $107.0. The price trades in an ascending channel from the lows of $49.0. It is a crucial level as combines multiple technical setups. First, there is a double-bottom formation near the mentioned level. Second, it holds around the crucial 200-EMA (Exponential Moving Average)
LUNA price peaked at fresh yearly highs twice in a single month. Earlier tested $104.73 on March 10.
A daily close above the session’s high level will instill further convictions among investors to push the price into a higher trajectory. Market participants will pull up their sleeves to capture another milestone at $110.0.
On the flip side, a spike in sell order could push downward on account of profit booking as the price surged nearly 150% from the lows of $43.0. On moving downward, the first target could be located at the ascending trend line near $98.0. Further, a break below the psychological $90.0 could trigger a fresh round of selling in the asset.
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As of press time, LUNA/USD is trading at $106.32, up 9.21% for the day. The trading volume of the eighth-largest cryptocurrency is holding at $4,146,503,797 with more than 136% gains.
A strong buying momentum with record volumes shows the strength in the price action.
Technical indicators:
RSI: The Daily Relative Strength Index stands strong at 66. The indicator is still far from the overbought zone.
MACD: The Moving Average Convergence Divergence shows bullish momentum while it already trades above the mid-line.
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