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LUNA Technical Analysis: Price Likely to Fall Below $6.1, $5.73, and $5.156


cryptoknowmics.com 15 June 2021 11:12, UTC
Reading time: ~3 m

According to the whitepaper, Terra (LUNA) provides fast and affordable payment solutions to its clients. LUNA does not affiliate itself through fiat-pegged stable coins. Also, LUNA owners can vote for governance in the firm. The technical analysis for LUNA is as follows:

Past Performance

On June 8, 2021, LUNA opened at $5.60. On June 14, 2021, LUNA closed at $6.23. Thus, in the past week, the LUNA price has increased by approximately 11.25%. In the last 24 hours, LUNA has traded between $5.87-$6.45.

https://cnews24.ru/uploads/fbf/fbf803fc2d5218436c4d37c086173fbc0b55bfa7.png

https://www.tradingview.com/x/3HSsqluk/

Day Ahead And Tomorrow

Currently, LUNA is trading at $6.39. The price has increased from the day’s opening price of $5.92. Thus, the market seems bullish.

The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may rise further.

Currently, the RSI indicator is at 62.63%. It faced rejection at 52.45% and rose to this level. Thus, buying pressures are slowly mounting for LUNA. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

On the 4 hour chart, the OBV indicator is picking up the pace. Thus, it seems that buying volume is more than the selling volume. However, High selling activity will exert downward pressure on the LUNA price.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

Currently, the price is below the second Fibonacci pivot point of $6.518. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $6.1, $5.73, and $5.156 respectively.

LUNA Price Analysis

Currently, the price is below the second Fibonacci pivot point of $6.518. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $6.1, $5.73, and $5.156, respectively.

The price is trading below the 50% FIB retracement level of $6.5. It may soon rise above the FIB retracement level of $6.50, which also acts as a strong resistance. Thereafter, we have to wait and watch if the price breaks out of this level. In that case, the price upswing is likely to continue tomorrow as well.


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