The price of Terra (LUNA) pauses losses on Saturday after testing the highs around $97.0. The formation of a ‘Doji’ candlestick near the lower levels suggests bulls are holding a foothold at a critical support level of $80.0
LUNA price is consolidating near the lower with modest gains on Saturday. Expect a rebound back to $97.0 as bulls provide reliable support. Momentum oscillators reflect bullish outlook for the altcoin.
LUNA is hovering just below the 0.78% Fibonacci Retracement level. A daily close above $85.0 will push LUNA price back towards a higher trajectory with the first upward target at the previous session high of $97.0.
Next, the market participant will keep an eye on the psychological $100.0 sign.
Source: Trade View
Technical indicators:
RSI: The daily Relative Strength Index (RSI) is trading at 64 after dropping below the overbought zone. It still reads above the midline with a positive bias.
MACD: Moving Average Convergence Divergence is hovering above the midline, indicating the continuation of the uptrend.
But trading volume has been declining since Feb. 4 as prices rise. A spike in the sell order could test the Fibonacci retracement level of 0.618% at $76.76.
In addition, a break below the said level would then test the horizontal support line at $70.0.
Over the past month, Terra has outperformed the broader cryptocurrency market with extreme market volatility. Terra’s price is up 93% from the $47 lows to the $91 swing highs.
LUNA price has moved above the 50-day exponential moving average (EMA) at $58.29 since Feb. 24.
At the time of writing, LUNA/USD is trading at $85.75, up 2.78% for the day.
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This post Luna Price Prediction: Terra (LUNA) to revisit $97.0 as bulls regain control; Is it time to buy?
was published first on https://coingape.com/markets/luna-price-prediction-terra-luna-revisit-97-0-bulls-regain-control-time-buy/
