NewsletterTerra Price Prediction: Will LUNA Price Enter The Triple-Digit Club?
A parabolic rally has doubled the LUNA price within a week. The altcoin bounced back from the 55% retracement level($46), validating this mark as a high accumulation zone. The buyers have knocked out several resistances on their way and have reached the $93.32 mark. Can we expect LUNA to hit $100 again?
Key technical points:
- The LUNA chart shows long wick rejecting at $92 resistance
- The intraday trading volume in the LUNA is $4.6 Billion, indicating a 19.9% loss.
Source- Tradingview
On February 24th, the LUNA price breached the $60 psychological level, providing the first sign for recovery. The buying pressure gradually increased and breached the two significant resistance levels of $70 and $81.
In light of the uncertainty in the crypto market caused by Russia and Ukraine’s negotiations, the LUNA price was among the top gainers last week. Concerning the Feb 28th high, the coin chart displayed a 100% gain from the $46 support.
However, the higher price rejection candle at $92 resistance indicates the buyers are struggling to overcome this level, which could demand a minor pullback before the bullish rally could resume. The expected pullback can find support near the $81 or $72.
Currently, the LUNA price is trading at $91, with an intraday gain of 1.46%
- Resistance levels: $48.6 and $60
- Support levels: $45.6 and $45
Technical indicator
The recent jump has surged the LUNA price above the .20, 50, and 100-day EMs, indicating the buyers have obtained additional support on their side. Moreover, a bullish crossover of the 20 EMA from the 50 and 100 could accelerate the ongoing rally.
The Relative Strength Index(73) slope spiked into the bullish territory, indicating a positive shift in the traders’ sentiment.
- Barstool’s Dave Portnoy Buys Bitcoin, Ethereum, and XRP Following Crypto Crash
- Breaking: Banking Regulator OCC Greenlights Banks To Hold BTC, ETH, SOL, XRP For Gas Fees
- December Fed Rate-Cut Odds Rise Above 50% on Weak Jobs Reports
- Is Michael Saylor’s Strategy Bitcoin Portfolio in the Red as BTC Crashes?
- Arthur Hayes Predicts Bitcoin Rally To $200k By Year-End Despite Liquidity-Driven Bear Market
- Ethereum Price Forms Rare Pattern as Tom Lee Makes Bold Prediction
- Is Dogecoin Price Set for a Recovery as Grayscale ETF Speculation Intensifies?
- Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
- What’s Next for Cardano Price After Breaking Below Key Support Level?
- Pi Coin Price Could Jump 30%, But There’s a Catch
- Expert Sees XRP Price Rally if it Holds Key Support Ahead of Ripple ETF Launch
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.
Premium Partners
