Analytics

LUNA Technical Analysis: Wait and Watch for Next 4-Hours for Buying Opportunities

Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements. The LUNA technical analysis is as follows.

Past Performance

On Jun 23, 2021, LUNA opened at $4.99. On Jun 29, 2021, LUNA closed at $7.53. Thus, in the past week, the price has increased by roughly 51%. In the last 24 hours, LUNA has traded between $6.02 – $6.12.

https://www.tradingview.com/x/k3AIalSD/

Day-Ahead and Tomorrow

Currently, LUNA is trading at $6.31. The price has increased from the day’s opening price of $5.53. Thus, the market seems bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the LUNA price to start rising.

Currently, the RSI indicator is at 62%. It faced rejection at 68% and fell to the current level. However, buying pressures are still high. Hence, the RSI oscillator is giving further credence to the bullish market momentum indicated by the MACD oscillator.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the LUNA price.

In short, when we look at all three oscillators together, we can say that as of now the overall market momentum is positive.

LUNA Price Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $6.05. The price may soon surpass the second and third resistance levels of $6.45 and $6.67, respectively.

The price has tested and broken out of the 23.6% FIB retracement level of $6.01. It may soon surpass the 23.6% FIB extension level of $6.11. Thus, as of now, the bulls are strong. Hence, we can expect the price uptrend to continue tomorrow as well.

   

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