LUNA price extend the previous session gains and started the fresh trading week on a higher note. Although the price faces some upside pressure at the session’s high the downside risk seems limited for the asset.
- LUNA price edges higher on Monday with remarkable gains.
- A decisive close above $95.0 aims for an all-time high next.
- Downside risk remains limited at $85.0.
As of publication time, LUNA/ USD is exchanging hands at $92.61, up 5.96% for the day. The seventh-largest cryptocurrency by market cap holds 24-hour trading volume at $3,425,875,156 with more than 83% gains as per the CoinMarketCap.
Generally, a rise in price with increased trading volume is a sign of strength in the price.
LUNA price moves north
On the daily chart, LUNA price is rising along the ascending trendline, which is extending from the lows of $50.71 that also coincides with the critical-200 EMA (Exponential Moving Average) at $49.65. Further, the asset pierced another crucial hurdle of 50-day EMA at $50.67. LUNA price surged more than 100% since February 20 bucking the broader crypto market trend.
Currently, LUNA’s price is facing some upside barrier near the $93.0-$95.0 zone. A resurgence in the buying pressure would push the price toward higher territories aiming for the first target at all-time highs of $104.57.
Next, an extended buying momentum will attempt to test the next all-time-high level at the psychological $110.0 barrier.
On the flip side, a break of the bullish slop line will invalidate the bullish theory. On the downside LUNA price dive toward the $80.0 horizontal support level. Below that sellers will further collect the liquidity around the $70.0 demand zone.
Technical indicators:
RSI: The Daily Relative Strength index is giving negative divergence and trades below the average line. Any downtick in the indicator could push the price lower.
MACD: The Moving Average Convergence Divergence (MACD) is oscillating above the midline with a neutral bias.
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-regains-upside-traction-near-95-0-attempt-to-revisit-record-highs-above-104-0/