Luna’s price drops with significant losses as the weekend kicks in. LUNA looks exhausted after rising close to 100% from the low of $43.50. Some retracement is expected at prices from higher levels as evidenced by the recent price action.
Luna’s price plunges deep into lower levels on Friday. Expect more losses if the price falls below 0.23% Fibonacci retracement level. RSI bearish divergence on the daily chart suggests bearish momentum approaching.
LUNA price will fall further
Source: Trade View
LUNA price is pulling back after breaking the mainstream crypto market trend and testing an all-time high at $104.54 on Thursday. The formation of the ‘spinning top’ candlestick pattern, which is a bearish reversal pattern, has cast doubt among investors as to the continuation of the upward momentum. Now, followed by a red candle, confirms the asset’s further downside.
The immediate stop is placed at 0.23% Fibonacci retracement at $90.0. A daily close below the said level would meet the next support at the key support level of $80.0.
However, the prevailing uptrend will reverse if LUNA price drops below the 0.5% Fibonacci retracement level of $70.0.
On the downside, a shift in bullish sentiment could pause the declines and sellers could find support around $90.0 before retaking the psychological level of $100.0.
Next, market participants will attempt to wipe out recent highs of $104.50.
Technical indicators:
RSI: The daily relative strength index shows a bearish divergence since Feb 26 as prices rise higher. Further price dips below the mean line and reads at 59.
MACD: The moving average convergence divergence is trading above the centerline with a neutral bias. Any downtrend in the indicator could drive the price down.
At the time of writing, LUNA/USD is trading at USD 91.25, down close to 10% for the day.
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.
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This post Luna Price Prediction: More Pain Below 0.23% Fibonacci Retracement at 90.0; RSI Bearish Divergence Signals Heavy Sell
was published first on https://coingape.com/markets/luna-price-prediction-more-pain-below-0-23-fibonacci-retracement-at-90-0-rsi-bearish-divergence-signals-heavy-sell-off/
