- The token has bounced off the 50 EMA on the daily time frame.
- The pair of LUNA/USDT is trading at the price level of $2.1986 with a gain of 6.38% in the past 24 hours.
The LUNA token has strongly rebounded from the demand zone and has gained more than 60% in the past few weeks, with bulls driving up the token’s price. It remains to be seen whether the bulls can continue their bullish momentum.
LUNA token on the daily time frame
On the daily time frame, the token is now facing resistance at $2.2992. According to the daily chart, LUNA token is currently trading at $2.1986, up 6.38% in the past 24 hours. The token has crossed and sustained above the 50 EMA, and it is currently trading between its key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The bullish momentum will be continued if the token breaks above $2.2992.
Relative Strength Index: The asset’s RSI curve is currently trading at 62.20, indicating that it is in the overbought zone. The token has bounced off the 50 EMA and has led the value of the RSI curve to increase. If the bulls continue their bullish momentum in the coming days, the RSI curve will cross above the 14 SMA, indicating bullishness. The RSI indicator is also showing bullish strength and is supporting the trend of the bulls.
Analyst view & Expectations
The token has entered a short-term uptrend, and it remains to be seen whether the bears can stop the bulls. Investors who want to buy now can do so and the one who wants to trade safely are advised to hold their buys and wait for the token to break above the resistance level of $2.2992 and then buy to get more clarity on the direction of the trend. Intraday traders, on the other hand, have a good opportunity to go long once the token breaks over the resistance level and book profits based on their risk to reward ratio.
According to our current Terra (LUNA) price forecast, the value of Terra (LUNA) will climb by 3.13% to $ 2.28 by February 8, 2023. Our technical indicators indicate that the current sentiment is bullish, with the Fear & Greed Index reading 60. (Greed). Over the previous 30 days, Terra had 18/30 (60%) green days and 17.83% price volatility. According to our Terra forecast, now is a good time to buy Terra.
Technical Levels
Major support: $1.8435 & 50 EMA on the daily chart
Major resistance: $2.2992
Conclusion
The token has shown signs of bullish momentum in the past few weeks and forming a bullish chart pattern as per the price action. Investors who want to buy can do so by keeping a stop loss and managing their risk to reward ratio.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/03/luna-price-analysis-token-hits-the-resistance-level-twice-whats-next/