Key Support level: $48
Key Resistance level: $64, $79
The positive market sentiment is well reflected by Luna’s price, which rallied after touching the key support at $48. The cryptocurrency has skyrocketed towards $60 and does not look ready to stop until the key resistance at $64. If Luna is able to move above that level, then the next resistance is found at $79.
Technical Indicators
Trading Volume: The buying volume in the past two days was good, and this supports the price increase. This is bullish.
RSI: The RSI is above 50 points and moves higher. It also managed to make a higher high which is another bullish indicator.
MACD: The daily MACD has turned around after some hesitation, as shown by the histogram. Momentum on the buy-side appears to intensify. Let’s see how price reacts at the key resistance.
Bias
The bias on Luna is bullish in the short term.
Short-Term Prediction for Luna Price
While this price action brings optimism, there are two key resistance levels that, if not broken, may lead to a lower high on the macro picture. Therefore, Luna needs to move above $64 and $79 to remain bullish. Otherwise, the price may resume its downtrend after making a lower high.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/luna-price-analysis-luna-surges-15-in-a-day-but-can-bulls-keep-going/