LUNA price remains muted in today’s session. The price hovers in a very tight range as investors lack conviction for any directional bias. However, some profit booking is expected in LUNA from the higher levels.
- LUNA price trades in a very tight range with no meaningful action.
- A decisive close below $90.0 can see an extended sell-off in the LUNA price.
- The momentum oscillators skewed in favor of bearish sentiment.
LUNA price trades sideways
On the daily chart, the LUNA price continues to trade in a very tight range for the past five sessions. The price jumped more than 100% from the lows of $43.48 to the record highs of $104.57. The next price action will depend on if the critical $90.0 is sustainable by the bulls.
Currently, the price challenges the 0.23% Fibonacci retracement level at $0.91. A decisive break below the vital support level will accelerate the selling toward the critical 50-day EMA (Exponential Moving Average) placed at $0.80.
This would also mark the breach of another crucial $0.38% Fibonacci retracement level.
On the contrary, if the price is able to sustain the $0.90 level then there is a possibility of the continuation of the upside momentum.
The first upside target could be found at the psychological $100.0 level. A resurgence in buying pressure will push the price toward the fresh record high level around $110.0.
As of press time, LUNA/USD is trading at $93.36, down 0.38% for the day. The eighth-largest cryptocurrency by the market cap holds the 24-hour trading volume of $1,892,647,405 according to the CoinMarketCap.
Technical Indicators:
RSI: The daily Relative Strength Index oscillated below the average line. The current reading is at 56. A downtick in the indicator will strengthen the bearish outlook.
MACD: The Moving Average Convergence Divergence traded above the mid-line but with a receding bullish momentum.
Trading volume: The On Balance Volume (OBV) consolidated near the overbought zone but still indicated the market is a bit off from over-heating.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/terra-price-prediction-luna-price-consolidates-at-0-23-fibonacci-retracement-near-90-rsi-hints-at-a-possible-correction/