LUNA Price Retreats Near February Lows? Is $0.60 Possible?

LUNA price hovers near the multi-month support with a negative outlook. The recent downswing in the price pushed the price toward a crucial juncture from where both sides’ opportunity holds for investors. A bounce back off the immediate support level could provide space for moving higher and collecting the buy-side liquidity whereas a break would open the gates for further lower levels.

• LUNA price extends the losses for a third consecutive session on Saturday.
• Investors could expect LUNA to fall further with the formation of ‘three black crows’ on the daily chart.
• The price sustains a medium-term trading range of $70.0 and $100.0 broadly.

LUNA price sustains a crucial level

LUNA’s price fell continuously as it made record highs near $119.50. The formation of the ‘spinning top’ resulted in the price correction with depreciation of nearly 40% to the swing lows of $72.0. More upward pressure was added as the price sliced the critical 50-day ema (Exponential Moving Average) at $87.26.

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 weekly close below $70.0 would drag the price toward the levels last seen in February near $64.0. Next, investors would collect the sell-side liquidity at the moving average of $59.69.

The relative strength index (RSI) below the average line since April 26. Currently, It reads at 37 with a negative outlook.

On the flip side, a shift in the bullish sentiment could mean an immediate bounce back in LUNA price. In that case, the price could take out Thursday’s high of $87.84.

As of publication time, LUNA/USD reads at $72.45, down 6.22% for the day. According to CoinMarketCap, the eighth largest cryptocurrency holds the 24-hour trading volume at $2,056,320,949.

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.