The Terra sellers had tumbled the LUNA price to a new low of $43.6, indicating a 58% devaluation from the All-Time high($103.3). However, the buyers halted the down rally at the 200-day DMA are currently challenging the immediate resistance at $53 to begin a recovery rally.
Key technical points:
- LUNA price obtaining strong support from 200-day DMA
- The Daily-RSI slope approaching the oversold region
- The intraday trading volume in the LUNA is $2.6 Billion, indicating a 31% gain.
In our previous coverage of Terra coin technical analysis, the LUNA buyers were trying to sustain above the shared support of 0.382 Fibonacci retracement and 100 DMA. However, the last week’s intense sell-off plunged the coin price even below the 50% retracement level($52.4).
The buyers showed strong interest at the 200 DMA line($45.5) and pumped the LUNA price to immediate resistance at the $52.4 mark. However, sellers restricting the relief rally to carry ahead may plunge the alt to retest $45.5.
The daily-Relative Strength Index(37) downtrend closing to the oversold region suggests the sellers might have extended the correction.
Can LUNA Price Reclaim The $53 Mark?
If buyers are holding the $45 support, it would indicate the bulls are interested in picking up this dip. As a result, price action might consolidate for a few upcoming sessions. Furthermore, a breakout from either level of this range would continue the following rally.
The Average Directional Index(27) shows a minor pullback due to the recent bullish rally. However, If bears could keep up the selling momentum, the ADX slope would curve up again.
The technical chart indicates the overhead resistance for LUNA price is $53, followed by $63. As for the opposite end, the support levels are at $44.5 and $35.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?