The price of Terra (LUNA) manages to trade in positive territory after falling more than 10% in the previous session. LUNA opened higher today and is holding on to gains on Monday. The formation of a ‘Doji’ candlestick near the critical Fibonacci Retracement level of 0.618% at $76.0 is key for the next step up in the stablecoin
The price of Terra (LUNA) went against the broader trend of the crypto market on Monday. Expect an uptrend towards USD 90.0 as it remains near the Fibonacci retracement level of 0.618%. LUNA followed 20% of the swing highs of $97.20.
On the daily chart, after a healthy 20% retracement, the price of LUNA is preparing for another round of buying opportunities. An immediate upward hurdle is placed at 0.786% Fibonacci Retracement level at $85.30.
Source: Trade View
A daily close above the mentioned level could witness another extended rally towards the psychological level of USD 90.0.
Subsequently, an uptick in buying pressure would bring the ultimate target of March 2 at $97.20.
Technical indicators:
RSI: The daily Relative Strength Index (RSI) stands at 55, although below the average line, but with a positive slope. This indicates that the price may rise in the near term in the coming sessions.
MACD: Moving Average Convergence Divergence (MACD) is holding above the midline with retreating bullish momentum with a neutral bias.
VO: The volume oscillator hovers near the oversold zone.
Looking at the moving averages, LUNA price remains steady above the crucial 50-day and 200-day EMAs (exponential moving average) at $68.26 and $53.18, respectively. It’s a bullish sign.
On the other hand, if you fail to hold the position above $76.0, a Fibonacci Retracement level of 0.50% will come into play which is placed at $70.0.
In addition, if the price lowers the 50-day EMA, it will invalidate the bullish position for LUNA price.
At the time of writing, LUNA/USD is trading at $81.48%, up 3.35% 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: Watch $90.0; Support placed at 0.618% Fibonacci retracement
was published first on https://coingape.com/markets/luna-price-prediction-keep-eyes-on-90-0-support-placed-at-0-618-fibonacci-retracement/
