The LUNA/USDT pair bounce back from the support trendline with a morning star candle pattern. The straight three green candles pump the altcoin by 11.2%, allowing it to rechallenge the crucial $100 resistance. Can buyers make an honest breakout this time, or will the sellers step up again?
Key points:
- The LUNA price retest the $100 mark
- The daily-RSI chart shows an evident bearish divergence
- The intraday trading volume in the LUNA is $2.59 Billion, indicating a 19.65% loss.
Source- Tradingview
On March 11th, the Terra(LUNA) price turned down from the mark with an evening star candle pattern. However, the correction couldn’t extend large as the buyers halted the coin price at $86.4 support.
The technical chart also displayed an upcoming ascending trendline which supported the new higher high in price. The recent reversal from the dynamic support surged the altcoin by 11.2%, hitting the $100 mark.
The buyers would attempt to breach the overhead resistance, indicating the buyers are ready to sail to newer heights. Moreover, the traders can maintain a bullish tendency until the support trend lines remain intact.
Contrary to the bullish thesis, if sellers pull the coin price below the rising trendline, the short-sellers could dump 14.5% down to $86.4, followed by $76.2.
- Resistance levels: $95 and $100
- Support levels: $86.5 and $77.5
Technical indicator
SMA: With the recent bullish crossover among the 50-and-100-SMA, the LUNA price regains a bullish sequence among the crucial EMA(20, 50,100, and 200) in the daily time frame.
The Relative Strength Index: the RSI slope shows a bearish divergence concerning the last four swing highs. These divergences indicate weakness to the bullish momentum suggesting a bearish reversal from the 100 mark.
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.
About Author
Source: https://coingape.com/markets/terra-price-prediction-luna-buyers-aims-to-sail-above-100-but-the-indicator-says-otherwise/