LUNA Buyers Sabotage Bearish Pattern With Eyes on $100

The Terra (LUNA) price finds a surge in buying pressure, resulting in an upside breakout of the falling wedge pattern in the 4-hour chart. Moreover, the morning star pattern increases the chances of a sustained uptrend reaching the psychological barrier of $100. Will buyers finally surpass the psychological barrier?

Key points: 

• The LUNA price gives a falling wedge breakout.
• The LUNA buyers approach the $100 mark.
• The intraday trading volume in the LUNA is $2.47 Billion, indicating a 114.6% rise.

Source- Tradingview

The Terra(LUNA) price shows a remarkable recovery rally triggered after a 35% downfall within a fortnight. The recovery starting on 18th April near the $75 mark surpasses the 200-period EMA of the 4-hour chart to approach the $100 mark.

However, the rally fails to surpass the psychological level, resulting in a falling wedge fashion retracement. The bearish pattern accounts for a downfall of 10% within three days to test the $88 level. 

Today’s bullish reversal puts buyers back in the driving seat resulting in an upside breakout as the prices surpass the resistance. the coin price currently traders at $94.15 mark, with an intraday gain of 4.10%

As the uptrend continues, the buyers can find the market price reaches the psychological barrier of $100. However, a retracement is expected to retest the bullish breakout. 

A successful breakout from the $100 resistance would drive the LUNA price to the All-Time High resistance of the $120 mark.

• Resistance levels: $100 and $120
• Support levels: $90 and $81.6

Technical indicator

RSI Indicator: The 4-hour RSI slope shows a bullish spark surpassing the 14-period average to enter the nearly overbought territory. Hence, the indicator reflects a surge in the underlying bullishness. 

EMA: The flattish 200 EMA accentuates a sideways rally. However, the decreasing bearish spread between the 50 and 200-period EMA increases the chances of a golden crossover in the 4-hour chart.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.