Terra’s (Luna) price trades significantly higher on Wednesday touching three-month highs. Luna outperformed all major cryptocurrencies with more than 14% gains. BTC surged 9% while ETH gained 7%. The bullish sentiment in the broader crypto market is expected to continue as the market is still technically in the oversold zone.
- LUNA price trades at record levels in 2022 on Wednesday.
- Expect new all-time highs if the buying continues.
- LUNA comfortably sits above critical 50-day and 100-day EMA.
LUNA price to set new record highs
LUNA price is heading higher with remarkable gains, and looking forward to surpassing the psychological $100.0 level.
Further, the current price action is under the formation of the ‘Three white soldiers’ pattern, which is a bullish formation. As price already breaks the critical resistance level placed at $92.0.
A decisive close above the session’s high will bring December highs of $103.68 in play.
Investors will seek more buying opportunity as the buying momentum sustain toward record highs at 110.0
LUNA price moves along with the ascending trend line from the lows of $47.34, listing more than 85% gains so far.
Technical indicators:
RSI: The daily Relative Strength Index is pierced above the average line with a positive bias. Currently, it reads at 67.
MACD: The Moving Average Convergence Divergence is continuously scalping higher above the midline. The bullish momentum is picking up after the recent pullback once again.
On the flip side, as mentioned $92.0 remains a crucial level to trade. If the price fails to maintain the level then it could fall sharply toward the horizontal support line at $80.0. This will also coincide with the break of the bullish trend line.
Moving further down, traders can collect supply-side liquidity at $70.0.
As of publication time, LUNA/USD is trading at $98.91, up 15.66% for the day. The seventh-largest cryptocurrency by market cap holds a 24-hour trading volume at $5,135,533,924.
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/luna-price-prediction-hit-fresh-three-months-high-at-99-45-is-new-record-high-on-the-way/