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LUNA Price Surged Another 30%, But Is It Sustainable?

LUNA Price Surged Another 30%, But Is It Sustainable?

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Posted 37 seconds ago

After a long accumulation, the LUNA price rose significantly in the last two days. Furthermore, the technical chart justifies this price action by rounding base patterns on the daily time frame. This bullish reversal pattern should encourage buyers to extend the recovery above $9. Is it safe to go in now though?

Key points

  • The rotating base pattern controls the LUNA price function
  • LUNA buyers are currently struggling to break above the $7.5 resistance
  • The intraday trading volume of LUNA coin is $5.7 billion, which represents an increase of 69.5%.

LUNA Price increaseSource- Tradingview

Over the past three months, the LUNA/USDT pair consolidated in a narrow range from $2.68 to $1.5. Multiple retests of lower support indicate that traders are actively buying at this support, forming a high accumulation zone.

Also, as the Terra community plans to recover, there is a significant influx of Terra tokens. Thus, the LUNA price rose vertically and peaked at $7.65

Thus, the bull run registered a 212 percent gain in just two days. However, both daily candles rejected the strong $7.5 level, suggesting strong profit booking at this level.

Moreover, such a sudden recovery in a short time is considered unhealthy for the assistant. Therefore, a small consolidation or retracement is needed to stabilize the LUNA price.

Therefore, if prices decline, the Fibonacci retracement level suggests that $5.3 (0.382) and $4.53 (0.5 FIB) could serve as a significant base that could continue the bull run. Thus, the coin chart reveals a rounding bottom pattern, which should push the LUNA price towards the $9 neckline.

On the other hand, if the LUNA price falls below the $4.53 support, the bullish momentum will begin to weaken gradually.

Technical indicator

Relative strength index: the daily RSI slope rose to 90%, suggesting that traders have extended their buying activity. Thus, the momentum indicator confirmed the correction theory mentioned above.

It is not: the ongoing recovery broke the 20 and 50 day EMA with one strike. During a possible correction, these EMAs can help buyers continue the bullish trend.

  • Resistance levels – $6.2 and $7.5
  • Support levels – $5.3 and $4.5

For the last 5 years I have been working in journalism. I have been following Blockchain and cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech me at brian(at)coingape.com

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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