The price of Terra (Luna) trades significantly higher on Wednesday, reaching three-month highs. Luna outperformed all major cryptocurrencies with over 14% gains. BTC rose 9% while ETH gained 7%. Bullish sentiment in the broader crypto market is expected to continue as the market is still technically in the oversold zone.
LUNA price is trading at record levels in 2022 on Wednesday. Expect new all-time highs if buying continues. LUNA sits comfortably above the critical 50-day and 100-day EMAs.
LUNA price sets new record highs
Source: Trade View
LUNA price is moving up with notable gains and is looking forward to surpassing the psychological level of $100.0.
Furthermore, the current price action is under the formation of the “Three White Soldiers” pattern, which is a bullish formation. Because the price is already breaking the critical resistance level of $92.0.
A decisive close above the session high will bring December highs of 103.68 into play.
Investors will seek more buying opportunities as buying momentum continues towards record highs of 110.0
LUNA price is moving along the rising trendline from the low of $47.34, gaining over 85% so far.
Technical indicators:
RSI: The daily Relative Strength Index is punctured with a positive bias above the average line. He is currently at 67.
MACD: The moving average convergence divergence continues to scalp higher above the midline. Bullish momentum is picking up again after the recent pullback.
On the downside, as mentioned, $92.0 remains a critical level to trade. If the price fails to maintain the level, it could fall sharply towards the horizontal support line at $80.0. This will also coincide with the breaking of the bullish trendline.
Further down, traders can accumulate supply-side liquidity at $70.0.
As of publication time, LUNA/USD is trading at $98.91, up 15.66% for the day. The seventh largest cryptocurrency by market capitalization has a 24-hour trading volume at $5,135,533,924.
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: New three-month high at $100.35, a new record on the way?
was published first on https://coingape.com/markets/luna-price-prediction-hit-fresh-three-months-high-at-99-45-is-new-record-high-on-the-way/
