LUNA price fell for the fifth straight session in a row, radiating extreme bearishness with a drop of nearly 23%. This momentum is expected to continue as the bulls failed to maintain key support levels. Investors can expect more downside in the asset.
Luna’s price continues its downward movement on Friday. A break below $100.0 then targets a 0.382% Fibonacci retracement. The momentum oscillators remain mixed warnings of aggressive bidding.
As of publishing time, LUNA/USD is trading at $98.99, down 5.75% for the day. Furthermore, the 24-hour trading volume of the ninth largest cryptocurrency is $2,647,636,246 according to CoinMarketCap.
LUNA price moves south
The price of LUNA rose 170% after marking the lows near $43.0 in late January. The price tested all-time highs at $119.05. However, the recent rebound that led to the huge gains in the token failed to continue. As a result, LUNA sellers took over, leading to a 23% retracement so far.
Now the price is moving towards the USD 0.382% Fibonacci retracement level near USD 0.90. This also coincides with the 50-day EMA (Exponential Moving Average). A crucial level to maintain. A failure to hold will result in the continuation of the downward movement.
In that case, the next target could be at $82.0 on March 18.
On the downside, a demand zone comes out near $92.0. So if the buyers are able to hold a turnaround, it is very likely. At a higher price, LUNA’s price would take Thursday’s high around USD 109 followed by the all-time highs of USD 119.49.
RSI: The Relative Strength Index breaks with a sharp move below 50 indicating massive selling pressure.
MACD: The moving average convergence divergence shows increased bearish momentum as slides below the midline.
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 Approaches 0.382% Fibonacci Retracement Near $0.90
was published first on https://coingape.com/markets/terra-price-prediction-luna-price-approaches-0-382-fibonacci-retracement-near-0-90/