Terra Price Prediction: LUNA Price Remains Pressured Below $90.0; Is $70.0 Possible?

By Rekha chauhan
LUNC News: TGF Submits Terra Classic Recovery Proposal 10946

LUNA price started on a flat note but coiled up in the later session. However, the rally fizzled out soon due to the lack of any fresh trigger. In addition to that, the cryptocurrency sustained the downside movement as well but the breadth of the selling awaken the sidelined sellers to find out any profitable opportunity.

  • LUNA Price glides into a range-bound price action since the week begins.
  • Investors liquidate the buy-side position extending from $119 to $100 on the daily chart.
  • The price sustains a medium-term trading range of $70.0 and $100.0 broadly.
Advertisement
Advertisement

LUNA price may dip further

LUNA price felt the heat as it formed all-time highs near $119.44 in April further retreating almost 45% to the swing lows of $77.11. Interestingly, this level harbor a crucial support zone as the price touched the level thrice and resulted in a subsequent bounce back. However, the upside remains capped at $100.0 with a deviation in between.

Source: Trading View

Now, the LUNA price trades near the crucial support zone, where there is room to move further lower, given the lack of significant bullish volume. A daily close below $77.0 would drag the price toward the 200-day EMA (Exponential Moving Average) at $69.0.

Furthermore, the sellers would like to explore the demand zone around $60.0 amid buying momentum.

The Relative strength index oscillates below the average line with a neutral bias. It reads at 46.

On the flip side, a shift in the bullish sentiment could thrive back LUNA to revisit the psychological $90.0 level. Following the previous trail, the price might march to recapture the horizontal resistance level at $100.0.

As of publication time, LUNA/USD reads at $84.33, up 2.22% for the day. According to CoinMarketCap, the eighth largest cryptocurrency holds the 24-hour trading volume at $1,448,723,646.

 

Advertisement
Rekha chauhan
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.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.