Terra is a blockchain network that aims to introduce stability in the global payments systems. For this purpose, the Terra protocol makes use of stablecoins pegged to fiat currencies. LUNA has been performing well in the past weeks, and the pullbacks were recorded just as predicted in the previous technical analysis.
On March 15, 2021, the opening price of LUNA was $15.84. As of March 21, 2021, the closing price of LUNA was $21.90. Thus, in the past week, the price has soared by approximately 38%. In the last 24 hours, LUNA has been trading between $21.08 and $22.40.
Days-Ahead and Tomorrow
Currently, LUNA is trading at $21.70. The price has slightly declined from the opening price of $21.90. Thus, the market seems bearish.
The A/D indicator is steadily declining. Thus, whale distributions are more than whale accumulations. High offloading activity in the LUNA market will exert downward pressure on its price. Thus, we can expect the price to drop further.
The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price is poised to fall further.
Currently, the RSI indicator is at 47%. It faced a bearish swing rejection at 53% and fell to this level. Thus, selling pressures are very high. Hence, the price will go down further.
LUNA Price Analysis
At present, the LUNA price is below the Fibonacci pivot point of $21.79. If the bearish trend gains strength, then the price is likely to fall below the subsequent support levels of $21.29 and $20.98, respectively, by day end.
The price has tested and fallen below the 61.8% FIB retracement level of $21.89. A bearish trend is confirmed if the price falls below the 23.6% FIB retracement level of $21.39. In that case, the price downtrend is likely to continue tomorrow as well.