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On December 4th, the crypto market experienced a sudden and intense selling pressure that took a significant toll on even the major cryptocurrency out there. However, by the end of the day, one of the few coins that not only survived but thrived in those situations was the LUNA coin. The day the coin gained 20% in its intraday trading and secured its position in the top 10 cryptocurrencies concerning their market cap.
Key technical points:
- The LUNA showed a V-shaped price recovery in the 4-hour time frame chart
- The intraday trading volume in the LUNA coin is $5.3 Billion, indicating a 40.5% gain.
Source- LUNA/USD chart by Tradingview
As mentioned in my previous article LUNA/USD, on November 30th, the coin price provided an excellent long opportunity for crypto traders when it breached the previous All-Time High resistance of $54.5. The price continued to explore the higher levels of the chart until December 4th, when the crypto market experienced a bloodbath.
According to these pivot levels, the nearest resistance for this coin would be at $70, followed by $90. As on the counter side, the support levels are $67 and later $53.
As per the crucial EMA level(20, 50, 100, and 200), the coin price maintains a strong bullish trend. Moreover, the Relative Strength Index(72) steadily grows towards the overbought zone.
LUNA/USD 4-hour Time Frame Chart
Source- LUNA/USD chart by Tradingview
Yesterday, the LUNA price retraced back to retest the new support of $54.5; the coin chart indicated strong demand pressure from this level, which resulted in quick V-shaped recovery in the price. As for now, the coin has marked $78.4 for the New All-Time-High in this chart.
The MACD indicator shows a bullish crossover of the MACD and signals line above the neutral zone(0.00), projecting a buy signal.
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