LUNA Price Analysis: Terra (LUNA) Recovers by 200% Off Lows, Here Are Next Buy/Sell Levels

  • LUNA price has risen 170% the last two weeks
  • 25MA has held as support for 15 days
  • RSI is near breaking its up trend line

LUNA Vs Overall Market

LUNA price has had a wild revival the last few weeks. Prices rose almost 200% from the low set a few weeks ago as the general market has risen an average of 40% off the lows. This is very impressive for an alt-coin as the majority of alt-coins are still gaining steam for a strong push upwards.

After such a strong bullish surge, it is safe to assume some type of retracement may occur before pushing LUNA price higher. 

For the past 15 days, LUNA has been respecting an ascending channel (shown in green). This channel has held LUNA throughout a very strong upwards trend. Just over the past 12 hours, LUNA has experienced 2 rejections at the top of this channel. Each time this has happened, LUNA price retreated back to the bottom trend of this channel.

If the current support of $14.50 fails to hold, we can expect LUNA to fall back to the bottom trend of this channel, along with the major support of $13.55. 

LUNA Price Analysis: LUNA/USDT 4 Hour Chart

Live Chart

TradingView Chart Snapshot

Over the past 2 weeks, the 25MA has held support for LUNA. This can be referenced over the coming days as a break below this MA along with the bottom trend of the channel, will likely trigger a short term downtrend. For LUNA price to continue pushing, it must break & HOLD its major resistance zone found at $14.50-$15.00. This will set LUNA up to hit its next targets. Although, it seems likely LUNA price needs some cooling off before this occurs.

  • While looking at the RSI, we can see a trend line has been respected for over 2 weeks. At the time of writing, the strength is hanging out very close to it. Breaking below this trend will cause the trend to shift and LUNA price will begin a short term retrace.
  • The MACD has been floating decently high the last few days and it seems to be curling over, readying for a bearish cross. 

LUNA Intraday Analysis

  • Spot rate: $14.70
  • Trend: Bullish
  • Volatility: High
  • Support: $14.50
  • Resistance: $15.13

The post LUNA Price Analysis: Terra (LUNA) Recovers by 200% Off Lows, Here Are Next Buy/Sell Levels appeared first on Coingape.

Publication date: 
08/05/2021 - 07:41
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.