LUNA Price Remains Pressured Below $90.0; Is $70.0 Possible?

LUNA price started on a flat note but coiled up in the later session. However, the rally fizzled out soon due to the lack of any fresh trigger. In addition to that, the cryptocurrency sustained the downside movement as well but the breadth of the selling awaken the sidelined sellers to find out any profitable opportunity.

• LUNA Price glides into a range-bound price action since the week begins.
• Investors liquidate the buy-side position extending from $119 to $100 on the daily chart.
• The price sustains a medium-term trading range of $70.0 and $100.0 broadly.

LUNA price may dip further

LUNA price felt the heat as it formed all-time highs near $119.44 in April further retreating almost 45% to the swing lows of $77.11. Interestingly, this level harbor a crucial support zone as the price touched the level thrice and resulted in a subsequent bounce back. However, the upside remains capped at $100.0 with a deviation in between.

Now, the LUNA price trades near the crucial support zone, where there is room to move further lower, given the lack of significant bullish volume. A daily close below $77.0 would drag the price toward the 200-day EMA (Exponential Moving Average) at $69.0.

Furthermore, the sellers would like to explore the demand zone around $60.0 amid buying momentum.

The Relative strength index oscillates below the average line with a neutral bias. It reads at 46.

On the flip side, a shift in the bullish sentiment could thrive back LUNA to revisit the psychological $90.0 level. Following the previous trail, the price might march to recapture the horizontal resistance level at $100.0.

As of publication time, LUNA/USD reads at $84.33, up 2.22% for the day. According to CoinMarketCap, the eighth largest cryptocurrency holds the 24-hour trading volume at $1,448,723,646.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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.