Terra Price Prediction: LUNA Price Keep Eyes Near 50-day EMA; Are You Buying?

Rekha chauhan
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LUNA price extends the previous session’s gains on Monday. The price manages to rebound from the lows around $75.0 and oscillates around a strong resistance. To manage the uptrend the price must stay above $80.0.

  • LUNA price started the new trading session on a higher note.
  • Investors can expect LUNA to continue to move higher and to retest the daily supply zone extending from $90.0 to $100.0
  • A breakdown below $75.0 would invalidate the bullish outlook on the asset.

As of press time, LUNA/USD is trading at $83.87 $39, up 2.03% for the day. The eight-largest cryptocurrency by the market cap is holding at $1,791,671,980.

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LUNA price turns upside

LUNA’s price has been trading in a short-term trading range of $60 and $100.0 since December 26. However, the range broke briefly on January 27, when the LUNA price touched the low of $43.48. The ascending trend line from the mentioned level acts as the support for the bulls. LUNA surged nearly 60% to touch the record high of around $119.40.

However, the bulls failed to sustain the momentum and retraced quickly to the swing lows around $76. The downside remains intact as the price still trades under the 50-day EMA (Exponential Moving Average) at $88.89.

A sustained buying pressure will push the price toward a higher level at least in the short term. In the past two sessions, LUNA has gained almost 11%. A daily close above $85 would bring $90.0 into play. In addition to that, investors would pull up their sleeves to catch the horizontal resistance level around $100.0.

The Relative Strength Index (RSI) makes double bottom around 37 and attempts to pierce the average line.

On the other hand, a decisive break below $75.0 will trigger a fresh round of selling in the asset. In that case, the sellers would keep their eyes on $70.

 

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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.