LUNA price hovers near the multi-month support with a negative outlook. The recent downswing in the price pushed the price toward a crucial juncture from where both sides’ opportunity holds for investors. A bounce back off the immediate support level could provide space for moving higher and collecting the buy-side liquidity whereas a break would open the gates for further lower levels.
- LUNA price extends the losses for a third consecutive session on Saturday.
- Investors could expect LUNA to fall further with the formation of ‘three black crows’ on the daily chart.
- The price sustains a medium-term trading range of $70.0 and $100.0 broadly.
LUNA price sustains a crucial level
LUNA’s price fell continuously as it made record highs near $119.50. The formation of the ‘spinning top’ resulted in the price correction with depreciation of nearly 40% to the swing lows of $72.0. More upward pressure was added as the price sliced the critical 50-day ema (Exponential Moving Average) at $87.26.
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 weekly close below $70.0 would drag the price toward the levels last seen in February near $64.0. Next, investors would collect the sell-side liquidity at the moving average of $59.69.
The relative strength index (RSI) below the average line since April 26. Currently, It reads at 37 with a negative outlook.
On the flip side, a shift in the bullish sentiment could mean an immediate bounce back in LUNA price. In that case, the price could take out Thursday’s high of $87.84.
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As of publication time, LUNA/USD reads at $72.45, down 6.22% for the day. According to CoinMarketCap, the eighth largest cryptocurrency holds the 24-hour trading volume at $2,056,320,949.
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