LUNA/USD set to break above the intraday highs of $91.06
https://ift.tt/3mNHnAE
TL;DR Breakdown
- The Terra price analysis is bullish today.
- Resistance for LUNA is present at $87.4.
- LUNA/USD pair is currently trading at $87.4.
The LUNA price analysis is bullish today, as the retracement period appears to be coming to an end. After discovering a $99.5 all-time high on December 26th, after a retracing of only three days, LUNA began recovering. Market pressure is strong because the price is near the higher envelope, and a downturn is expected once again as the price approaches $87.4, which is the level for resistance. After reaching $87.4 to $88.5, the price will be free to pass through it unless there is an extremely risky upward movement that pushes up into $90s or even $100s.
Another significant resistance is located at $90.25, which has proven to be difficult for the price of LUNA/USD pair to overcome. If this resistance fails, it will open up a plethora of possibilities for the price of LUNA, but until then it remains highly speculative and risky to invest in because there are no solid statistics on how high or low the market can go.
LUNA/USD 1-day price chart: LUNA rallies again, as bulls sit at the driving seat
The MACD line is currently below the signal line, meaning that sellers have more control over the price than buyers do. Not only that, but there is a downward trend occurring with a positive slope coefficient (b), which means sellers are stronger than they were previously when compared to Friday’s analysis . With all these together it means bears have an advantage in this market. If you are not already carrying short positions, it is recommended that you start now. These conditions will continue until the price of LUNA/USD surpasses $90.25 resistance or $87.4 support at any point in time.
If these levels are breached, an uptrend is expected to occur before another downward trend occurs within the market. One last thing to note is that most USD trading markets have been unregistered for over 6 months now , which means the only way to buy is with Ethers through OTC deals or Etherdelta . This makes for a risky trade considering no one knows how many sell walls exist on the exchange and scalpers can easily mark up prices because there are zero regulations on what they charge their clients.
Larger support is present at $84.8, where the 100-day moving average line (MA100) is; this level has not been reached in many months now and could potentially be supporting price levels around that area sentiment wise for buyers. However, because it is still so far away, there might not be much of a reason to believe it will hold the market up since there are no statistics on how strong it truly is. Nearby resistance can be seen at $87.4 which has held the price down multiple times but never fully prevented an uptrend or downtrend from occurring after that point.
LUNA/USD 4-hour price analysis: Recent developments and further technical indications
The price, after correcting for 12 hours continuously yesterday, has started to rise once again, as it has rallied from $84.7 to $86.2 in a few hours despite the market pressure at this time. More upside is anticipated to be covered in the following hours as bulls continue to rise.
The volatility is decreasing on the 4-hour chart, with the upper limit of the Bollinger bands set at $92.4 as resistance for LUNA and the lower limit at $81 as support. At index 45 in the lower half of the neutral zone, the RSI curve is on an upwards angle. The curve of the RSI suggests that bullish support is currently in play.
Terra Price Analysis: Conclusion
The price analysis for Terra is bullish, as the coin is once again covering range gains; following the retracement from ATH, we anticipate LUNA to encounter some market pressure around $87.4 resistance level, but it is anticipated to continue higher for another 24 hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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