LUNA’s price is under some upward pressure on Thursday after testing new annual highs at $104.85. LUNA was up more than 30% in the last three sessions. After testing the lows of $43.49 in late January, the price has nearly doubled so far.
LUNA Price returns after rising 23% in today’s session. A corrective pullback on the cards as the bulls took a breather. Capital inflows into the Terra ecosystem mainly sponsored the current price movement.
According to the founder of Defiance Capital, Arthur Cheong’s rise in LUNA price is due to the tagging of at least $1 trillion or more of decentralized stablecoin market space through its own US dollar pegged token, TerraUSD (UST).
Increased capital inflows along with a broader crypto market rally supported the stablecoin’s upside potential.
Will the price of LUNA continue?
LUNA’s price is scrambling to break past the all-time highs set on December 27 at $106.29, but slumped after being tagged $1.04.85 on Wednesday. Now the price is moving in a very tight range of $93.0 and $99.0 with a slightly negative outlook.
Source: Trade View
Some gains are made as LUNA price is already 56 from its January low at $43.49. The first downward target is placed at a horizontal support line at $87.40.
In addition, a breach of the ascending trendline, which extends from the aforementioned low, will trigger another round of selling towards the 50-day EMA (exponential moving average) at $71.04.
On the other hand, a decisive close above the session high will test the record high of 106.29.
RSI: The daily Relative Strength Index has shown negative divergence since Feb. 28 as the price makes higher highs.
MACD: The Moving Average Convergence Divergence is trading above the midline with a bullish outlook.
At the time of writing, LUNA/USD is trading at $95.92, down 3.42% for the day.
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
This post Luna Price Prediction: A Corrective Drop to $90.0 on the Chart; Time to make a profit?
was published first on https://coingape.com/markets/luna-price-prediction-a-corrective-pullback-toward-90-0-on-the-card-time-to-book-profit/