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.


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: Terra (LUNA) to revisit $97.0 as bulls regain control; Is it time to buy?

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