Luna Price Prediction: Double Bottom At $75.0, Buy Or Hold?

Luna’s price trades higher on Tuesday with remarkable gains. Terra (LUNA) lead gains among major cryptocurrencies in a broader market recovery. After riding nearly 100% in eight days, hitting the swing highs at $97.26 price retrace toward $75.0

• Luna bucks the previous session’s decline with significant gains on Tuesday.
• Expect more gains as the price reclaims the critical $80.0 level.
• LUNA retreated 22% from the March 2 high find support around $75.0.

At the time of writing, LUNA/USD is trading at $81.20, up 3.46% for the day. The seventh-largest cryptocurrency holds 24-hour trading volume $3,019,279,676 with marginal 1.39% gains.

LUNA founds reliable support

On the daily chart, Luna’s price is looking for an upside momentum as the current price action is stable near the multiple support around $75.0.

A continued buying pressure would bring the first upside target of $90.0 in play.

Next, market participants make an attempt to take out the December 27 high of $103.62.

Alternatively, a daily close below $75.0 will trigger a fresh round of selling in the asset. The immediate downside target is placed at the lows of March 1 at $70.47.

Further, moving down sellers would collect the liquidity at the 50-day EMA (Exponential Moving Average) at $68.61.

LUNA price is under consistent selling pressure after testing record highs at $103.62. The downside momentum found support at January lows of $43.46. LUNA appreciated more than 100% making swing highs at $97.26.

Technical indicators:

RSI: The daily Relative Strength Index reads at 57 below the average line with a bullish bias.

MACD: The Moving Average Convergence Divergence hovers above the midline with receding bullish momentum.

About Author