LUNA TECHNICAL ANALYSIS | Will Luna Reach $36.71
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Terra or LUNA offers fast and affordable settlements and uses stablecoins to power a price-stable payment system.
Let us take a look at the technical analysis of LUNA.
On September 14, LUNA token touched an all-time high of $44.89, however, the price of the token is currently 26.44% lower than its all-time high.
The token was trading between $27.46 to $36.20 in the past week.
The MACD lines are above the zero line, the Signal line shows potential to cross from below, indicating a bearish trend.
Assessing the trend that the charts have been highlighting, the prices are expected to continue with the same trend for a while.
Now, let's also put some perspective in the real key points,
The RSI has been trading at 54%, which is just above the equilibrium, indicating a potential to incline towards the overbought region.
Offering the traders to take a long position from here.
The OBV indicator is predicting a high volume flow. A breakthrough from the current zone can be expected by LUNA if the volume supports the indicators.
Another level that is worth the attention is the strong resistance visible at $36.58, and LUNA has great potential to test this level. If LUNA breaks this level, we can expect a breakout which will highlight the next level at $36.71.
On the other hand, if it retests the support zone near $34.06 and breaks the level, we will assume a bearish trend. Hence, traders can short the position from that level by keeping a target at $30.38.
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