The 10% free-fall to the $50 support zone within the triangle showcases the rise in the underlying bearishness. Will the LUNA coin price breach $50?

The LUNA coin price action forms a symmetrical triangle pattern with the recent reversal to surpass the resistance trendline, resulting in a lower high formation. However, the bullish candle forming near the $50 horizontal zone teases a bullish reversal within the triangle pattern. Will the Terra coin price give a bearish fallout?
<h2>Key technical points:</h2>
<ul>
 	<li style="font-weight: 400">The coin price shows a free fall to the $50 mark.</li>
 	<li style="font-weight: 400">The stochastic RSI indicator shows a bearish crossover of the K and D lines.</li>
 	<li style="font-weight: 400">The 24-hour trading volume in the Terra token is $1.28 Billion, indicating a 30% rise. </li>
</ul>
<h2>Past Performance of LUNA</h2>
As Bitcoin falls below the $41K mark, most altcoins get the bearish influence resulting in an overnight downfall. The LUNA coin price fell 10.30% last night, resulting in a sudden reversal to the $50 support zone. 

Currently, the market price of the Terra token is $51.13, with a rise of 1.68% in the freshly forming daily candle in the support zone. 

<img src="https://s3.tradingview.com/snapshots/s/sWg8vw5z.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/sWg8vw5z/">Tradingview</a>
<h2>LUNA Technical Analysis </h2>
The LUNA coin price forms a symmetrical triangle pattern with the market price near the support trendline. Therefore, traders can expect a bullish reversal to the resistance trendline to continue resonating within the pattern.

The crucial 200-day EMA provides support to the falling price and helps maintain the uptrend in action. However, the 50 and 100-day EMA maintains a negative slope and hints of a bearish crossover. 

The RSI Indicator slope succumbs below the 50% mark, and the 14-day SMA as the bears take over the trend. However, the long-coming sideways movement project the weakness in the underlying bulls. 

The Stochastic RSI indicator projects a bearish crossover of the K and D lines in the overbought zone. Moreover, the falling slope of the lines indicates the start of a bear cycle in the LUNA/USD chart. 

In short, the technical indicators indicate the high possibility of a bearish breakdown of the symmetrical triangle.  
<h2>Upcoming Trend</h2>
The LUNA coin price shows the bears overtaking the trend control and a possible bearish continuation below the $45 mark. However, traders need to wait for the price action confirmation to avoid any bear trap.

Support Levels: $45 and $35

Resistance Levels: $60 and $67

LUNA Technical Analysis: Bears Soon To Outgrow Symmetrical Triangle

The 10% free-fall to the $50 support zone within the triangle showcases the rise in the underlying bearishness. Will the LUNA coin price breach $50?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

LUNA Technical Analysis: Bears Soon To Outgrow Symmetrical Triangle

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