The Terra sellers had tumbled the LUNA price to a new low of $43.6, indicating a 58% devaluation from the All-Time high($103.3). However, the buyers halted the down rally at the 200-day DMA are currently challenging the immediate resistance at $53 to begin a recovery rally.
Key technical points:
- LUNA price obtaining strong support from 200-day DMA
- The Daily-RSI slope approaching the oversold region
- The intraday trading volume in the LUNA is $2.6 Billion, indicating a 31% gain.
In our previous coverage of Terra coin technical analysis, the LUNA buyers were trying to sustain above the shared support of 0.382 Fibonacci retracement and 100 DMA. However, the last week’s intense sell-off plunged the coin price even below the 50% retracement level($52.4).
The buyers showed strong interest at the 200 DMA line($45.5) and pumped the LUNA price to immediate resistance at the $52.4 mark. However, sellers restricting the relief rally to carry ahead may plunge the alt to retest $45.5.
The daily-Relative Strength Index(37) downtrend closing to the oversold region suggests the sellers might have extended the correction.
Can LUNA Price Reclaim The $53 Mark?
If buyers are holding the $45 support, it would indicate the bulls are interested in picking up this dip. As a result, price action might consolidate for a few upcoming sessions. Furthermore, a breakout from either level of this range would continue the following rally.
The Average Directional Index(27) shows a minor pullback due to the recent bullish rally. However, If bears could keep up the selling momentum, the ADX slope would curve up again.
The technical chart indicates the overhead resistance for LUNA price is $53, followed by $63. As for the opposite end, the support levels are at $44.5 and $35.
The post LUNA Price Today: Is $45.5 The Bottom? Luna Buyers Defend The 200-DMA Support appeared first on CoinGape.
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks