LUNA Technical Analysis: Price Likely to Breakout of the First Resistance Level of $18.48


Terra is a blockchain network that enables users to trade in stablecoins pegged against fiat currencies. It is a faster, safer, highly scalable, and censorship-resistant ecosystem. LUNA is the prime governance token of this network. LUNA token holders enjoy voting rights on governance proposals. The following LUNA technical analysis predicts price trends for the next two days.

Past Performance

On April 26, 2021, LUNA started trading at $17.71. On May 2, 2021, LUNA closed at $17.14. Thus, the price has slightly dropped over the past week. In the last 24 hours, LUNA has traded between $17.14-$19.02.

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https://s3.tradingview.com/snapshots/4/4e1aUMZ9.png

Day-Ahead and Tomorrow

Currently, LUNA is trading at $18.36. The price has increased from the day’s opening price of $17.13. Thus, the market seems to be uptick.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. However, both the lines are inching close to the zero line. Hence, they may change signs soon and the price might start rising again.

The RSI indicator is currently at 51%. It faced rejection at 40% and rose to the current level. Thus, buying pressures are gradually mounting. Hence, the RSI indicator too is giving further credence to a further price rise in some time.

The OBV indicator has fallen since morning but not steeply. It is currently indicating a tussle between buying and selling pressures. We have to wait and watch to see if the buying volumes increase in some time. In that case, the price might continue to rise, else a price pullback might occur.

LUNA Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $17.77. If the bulls remain strong, then the price is soon likely to break out of the first resistance level of $18.48.

The price has tested and fallen below the 23.6% FIB retracement level of $18.58. If the price retests and breaks out of this level in a few hours, then the price uptrend is strong and likely to continue tomorrow as well.

 
 



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