Terra 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.