LUNA price fell sharply in today’s session. Traders seem to be accumulating the liquidity as the price is pulled back into the profit posting account. However, a close below $101 will be a warning signal for the bulls.

LUNA price follows lower after the overall decline in the Crypto space. A decisive break below 0.23% Fibonacci retracement is poised for more losses. The price lost nearly 7% in a one day session.

LUNA Price Loses Bullish Control

On the daily chart, LUNA price made new all-time highs near $119.56 in the previous session. But the bulls failed to sustain gains and closed lower. Along the same lines, today’s session witnessed intense selling pressure that dragged the price to Saturday’s lows. The current price action may be because investors are eager to accumulate liquidity if they hold the token since late January.

Source: Trade View

The price of LUNA rose nearly 180% from its low of $43.0 on Jan. 31. Currently, the price is reverting to the $0.23% Fibonacci retracement at $101.36.

Further, if the price moves below the vital support level, the sellers may revisit the horizontal support level at $90.0, which coincides with the Fibonacci retracement level of $0.382%.

On the downside, a shift in bearish sentiment would invalidate the bearish outlook in the pair. In this case, the price would immediately bounce back to the previous session’s highs of $119.56.

In addition, investors will maintain their approach to gain an additional advantage and reach a new annual record of $120.0

At the time of writing, LUNA/USD is trading at $106.33, down 8.56% for the day. The seventh largest cryptocurrency by market capitalization keeps its 24-hour trading volume at $3,142,042,793 according to CoinMarketCap.

Technical indicators:

RSI: The daily Relative Strength Index fell below the average line and continued to fall. He’s at 56.

MACD: The moving average convergence divergence is trading with a neutral bias while still remaining above the centerline.

Disclaimer

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

About the author

Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.



This post LUNA Price Aims 0.23% Fibonacci Retracement On Daily Chart

was published first on https://coingape.com/markets/terra-price-prediction-luna-price-aims-0-23-fibonacci-retracement-on-daily-chart/

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