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

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