Luna’s price is trading higher on Tuesday with notable gains. Terra (LUNA) leads gains among major cryptocurrencies in broader market recovery. After riding close to 100% in eight days, the price returned to $75.0
Luna is offsetting the decline from the previous session on Tuesday with significant gains. Expect more gains as the price regains the critical level of $80.0. LUNA pulled back 22% from the March 2 high, supporting around $75.0.
At the time of writing, LUNA/USD is trading at $81.20, up 3.46% for the day. The seventh largest cryptocurrency has a 24-hour trading volume of $3,019,279,676 with marginal gains of 1.39%.
LUNA finds reliable support
Source: Trade View
On the daily chart, Luna’s price is looking for upward momentum as the current price action is stable near the multiple support around $75.0.
Continued buying pressure would bring the initial upward target of $90.0 into play.
Next, market participants are attempting to wipe out the Dec. 27 high of $103.62.
Alternatively, a daily close of less than $75.0 will trigger another round of sales of the asset. The immediate downward target is placed at the March 1 low at $70.47.
Furthermore, sellers moving down would accumulate liquidity at the 50-day EMA (exponential moving average) at $68.61.
LUNA price is under constant selling pressure after testing record highs at $103.62. Downward momentum found support at January lows of $43.46. LUNA appreciated more than 100% and made swing highs at $97.26.
RSI: The daily Relative Strength Index is 57 below the average line with a bullish bias.
MACD: The moving average convergence divergence is hovering above the midline with declining bullish momentum.
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: Upside Down at $90.0 Nearly Double Bottom at $75.0, Are You Buying It?
was published first on https://coingape.com/markets/luna-price-prediction-upside-seen-at-90-0-near-double-bottom-at-75-0-are-you-buying-it/