NewsletterTerra Coin Price Analysis: LUNA Coin Correction Phase Will Soon Retest The $54.3 Mark
The LUNA coin indicates an overall uptrend in its technical chart. However, the price is currently going through a usual retracement phase, which should provide a good pullback opportunity for crypto trades. Watch these levels that can help the price to continue this rally.
Key technical points:
- The LUNA coin bears reclaim the 20-day EMA
- The intraday trading volume in the LUNA coin is $1.45 billion, indicating an 11.5% LOSS.
Source- LUNA/USD chart by Tradingview
The last time when we covered an article on LUNA/USD, the LUNA coin was among the few coins that not only survived but provided higher gains even in the bloodbath on December 4th. This rally marked a new All-Time High around the $78 mark.
Later, the coin price displayed a minor pullback with the hope of continuing its uptrend. However, the price couldn’t pass the $78 new resistance, initiating a proper correction phase in this coin.
The crucial EMAs(50, 100, 200) support the uptrend in the LUNA coin. However, the recent fall has dropped below the 20 EMA line. The Relative strength index(50) has shown a considerable fall concerning the coin’s price action.
LUNA/USD 4-hour Time Frame Chart
Source- LUNA/USD chart by Tradingview
On December 10th, the LUNA coin price gave a bearish breakdown from a double bottom pattern in the 4-hr time frame chart. The neckline for this pattern was at $63, and after indicating sufficient sustainability below this level, the price is moving to the next strong support of $54.5.
As per the traditional pivot levels, the crypto traders can expect the nearest resistance for the coin price is at $65.5, then $73.5. As for the opposite end, the support levels are $54 and $46.
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
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- Tom Lee’s BitMine Acquires 96,798 ETH Ahead of Ethereum Fusaka Upgrade
- Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve
- Bitget Launches MONAD Earn With 20% APR, 800K MON Airdrop Campaign
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
- Will Chainlink Price Soar to $20 with U.S. Spot ETF Launch?
- Is Pepe Coin Price at Risk After Forming This Bearish Pattern?
- Bitcoin Price Drops to $87K in a Rapid Crash: What Sparked the Sell-Off?
