Altcoin Thursday: LUNA

14th APRIL 2022 | ZebPay Trade-Desk

Luna, the native coin of Terra blockchain, is up 5% over the past 24 hours. The market cap is around $37bn and is ranked 9. If the token is pushed further by the bulls above $89 it can touch the $98 mark where the bears would provide strong resistance. The volume of the token is down by 32% but RSI in the negative zone indicates a favourable outcome for sellers. 

At the time of writing, Luna was trading at $88.5.

LUNA gave a massive rally after it broke the neckline of the double bottom pattern at$60 and surged up to $119. The asset made an ‘Evening Star’(Bearish) pattern at the high and corrected almost by 31% and dropped to $81.3. Luna is trying to take support at the key level of  $83.42 (50% Fibonacci Retracement Level) and if it holds and sustains above this support then we may expect a bounce from these levels whereas a break below the support can lead to the further downfall and the prices can slide to $75 levels. To witness a rally it needs to beat the resistance of $98.

Support 2Support 1AssetResistance 1Resistance 2

Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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