LUNA Technical Analysis: A Strong Resistance Seen at $19.779, Potential to Test that Level
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LUNA Technical Analysis: A Strong Resistance Seen at $19.779, Potential to Test that Level

May 12, 2021      Ankita Awasthi

As per our new technical analysis on TERRA (LUNA), it offers fast and affordable settlements and uses stable coins to power a price-stable payment system. Stable coins are coins that are pegged to fiat currency, such as USDT.

Past Performance

The last seven-day data of LUNA shows it has traded between $15.25 to $17.51. Although, it has touched an all-time high of $22.33, currently 26.44% down from its ATH.

https://s3.tradingview.com/snapshots/r/RyMBAaHI.png

Link:https://www.tradingview.com/x/RyMBAaHI/

Day Ahead And Tomorrow

In the past 24 hours, LUNA has been very volatile. The price change has been $0.81 from a price of $15.67 which is a 5.75% increase. At the time of press, LUNA is trading at $16.84.

On the daily chart, MACD is just above the half-line thus following the trend that the chart has been making. The lagging indicator is indicating that the price will continue in the same trend for a while. The signal line has more potential to cross from below, thus indicating a bullish trend.

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Even the RSI has been trading at 54%, just above the equilibrium. RSI has enough potential to go towards the overbought region. RSI has indicated a trend reversal, and thus a trader can take a long position from here.

OBV predicts the volume flow, which is expected to be very high. If the indicators are supported by volume, LUNA can see a breakout from the current zone.

LUNA Technical Analysis

The important level to look out for is a strong resistance seen at $19.779. It has great potential to test that level. If it breaks the level it can see a breakout and will highlight the level of $22, which will be our next target.

On the other hand, if it retests the support zone, which is $14.06, and breaks the level. We will assume a bearish trend, and traders can short the position from that level.

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Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.