The LUNA coin price action shows a lower price rejection of almost 20% before rising another 10% within a day, projecting a solid bullish sentiment.

After breaking the triangle pattern in the daily chart, the LUNA coin price struggles to rise above the merged 50 and 100-day EMAs. However, last night the lower price rejection from the 200-day EMA propelled the price above the merged EMAs and helped avoid a bearish crossover. 

This sudden jump comes with the news that the Luna foundation group raises $1 Billion as a Bitcoin reserve in a private sale to safeguard Terra’s stablecoin, UST. Hence, the rally may soon reach $75, which begs the question, will the uptrend continue above $75?
<h2>Key technical points:</h2>
<ul>
 	<li>LUNA coin price breaks the $65 mark.</li>
 	<li>The price chart shows the 50 and 100-day avoiding a bearish crossover. </li>
 	<li>The 24-hour trading volume in the Terra token is $5.91 Billion, indicating a 58% rise. </li>
</ul>
<h2>Past Performance of LUNA</h2>
The LUNA token price jumps 21.06% overnight, resulting in a bullish engulfing candlestick with a tail touching the 200-day EMA. Hence, as we mentioned in our <a class="editor-rtfLink" href="https://www.cryptoknowmics.com/news/luna-technical-analysis-breakout-fuels-uptrend-with-next-target-at-75" target="_blank" rel="noopener">previous article</a>, the uptrend may shortly reach the upcoming resistance of $75. 

The triangle breakout accounts for a 36% jump ranging from the support trendline, indicating growth in underlying bullishness.

<img src="https://s3.tradingview.com/snapshots/z/zAgm6apZ.png" alt="TradingView Chart" />

Source-<a class="editor-rtfLink" href="https://www.tradingview.com/x/zAgm6apZ/" target="_blank" rel="noopener">Tradingview</a>
<h2>LUNA Technical Analysis </h2>
The LUNA coin price shows the possibility of a bullish continuation to the next bearish bunker at $75. However, the increasing stress over the global market due to the Ukraine and Russia incident increases the profit-booking tendencies among investors. 

The crucial 50, and 100-day EMAs continue the uptrend after the merger marks a successful avoidance of bearish crossover. The 200-day EMA gradually starts moving higher and helps provide dynamic support.

The RSI Indicator slope bounces higher above the 14-day SMA and breaks the central line to enter the nearly overbought zone. Hence, the spike in the RSI slope reflects a boom in underlying bullishness.

The MACD indicator shows a sudden spike in the fast line resulting in a failed bearish crossover and keeping the fast and slow lines rising in an uptrend. With the fast line breaking above the zero value, the MACD histograms floor the bullish momentum. 

In a nutshell, the LUNA technical analysis projects an uptrend continuation that may shortly reach the $75 mark.
<h2>Upcoming Trend</h2>
The LUNA coin price seems socially trending with the news of a Billion dollars in funding to be pegged against the UST stablecoin. However, the rising tensions between Ukraine and Russia increase the doubts of an uptrend above $75. Hence, traders might want to mitigate their risks near the resistance zone.

Support Levels: $60 and $50

Resistance Levels: $75 and $90

LUNA Technical Analysis: Uptrend Withstands The Bearish Attack; Soon To Reach $75

The LUNA coin price action shows a lower price rejection of almost 20% before rising another 10% within a day, projecting a solid bullish sentiment.

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: Uptrend Withstands The Bearish Attack; Soon To Reach $75

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