Terra (LUNA) and iExec RLC Technical Analysis: What to Expect?

Dalmas  |  Jul 8, 2021

Terra and iExec RLC prices are in a breakout pattern, reversing from June and May 2021 lows. RLC/USDT may retest $4 and $7.5, while LUNA/USDT tailwinds are due to yesterday's breakout.

Terra (LUNA)

The project is payment-focused, using fiat-pegged stablecoins. LUNA tokens are for stabilizing the protocol's stablecoins.

Past Performance of LUNA

LUNA prices are finding strength after sinking 80 percent from H1 2021 peaks, bouncing off from the 78.6 percent Fibonacci retracement level.

Most importantly, volatility is picking up as price action aligns in favor of bulls that are now firm above the 20-day moving average.

Presently, LUNA has retraced four percent after the double-digit gains of July 7.

Day-Ahead and what to Expect

LUNA price action seems to confirm the bullish engulfing pattern of May 24.

Technically, that suggests buyers and, therefore, high chances of higher highs.

With the 78.6 percent Fibonacci retracement level as an anchor, the middle BB is now pointing up, suggesting increasing buy momentum.

LUNA/USDT Technical Analysis

LUNA Price Daily Chart for July 8

LUNA prices are tearing higher from the daily chart, breaking away from the consolidation of last week. Opportunistic traders may take advantage of this to buy on dips.

This will be valid provided prices are above the middle BB and $5.

Another close above $8 and June 8 would likely catalyze demand as LUNA/USDT rally towards $11.

iExec RLC

The platform allows users to monetize their computing power. At the heart of their operations is RLC.

Past Performance of RLC

RLC/USDT prices are trading within a bullish breakout pattern.

It is presently in a new territory above the 20-day moving average for the first time since mid-May 2021.

As of writing, coin trackers show that RLC is up 16 percent on the last day, outperforming BTC and ETH.

Day-Ahead and what to Expect

Technical candlestick patterns of RLC/USDT suggest strength—and a possibility of more gains in the days ahead.

Notably, RLC bears have completed a retest.

Traders observe that RLC bears didn't push below $3, confirming the bullish breakout pattern of late April.

Accordingly, more RLC gains this week would be the basis for a possible retest of H1 2021 highs.

RLC/USDT Technical Analysis

RLC Price Daily Chart for July 8

RLC/USDT is galloping, adding 18 percent on the last trading day with rising volumes.

Coinciding with this recovery is the completion of the retest pattern set in motion in late April 2021.

For this, buyers are in the driving seat. RLC could race to $4 and later $7.5, an opportunity for traders to capitalize.

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