LUNA price extends the decline from the previous session and is trading with a negative bias. The price is showing signs of further declining if the vital trendline is cut. The development could lead to a further crash if LUNA buyers fail to defend key levels.
The price of LUNA is falling with significant losses on Thursday. Expect more downside as RSI gives negative divergence in line with price. The price is testing the rising trendline near $101.
At the time of writing, LUNA/USD is trading at $114.03, down 3.24% for the day. The sixth largest cryptocurrency has a 24-hour trading volume of $3,443,266,358 according to CoinMarketCap.
LUNA Price Indicates A Bearish Setup
Source: Trade View
On the daily chart, LUNA price tested the rising trendline, which extends from the lows of $47.34. It would be interesting to see if the price can hold the level as this could be an important move.
On the other hand, intense selling pressure could push the price to break the bullish bullish line. In that case, LUNA price would hit the horizontal support level of $90.0.
On the downside, a daily close above the session high would invalidate the bearish outlook for the asset. If it moves higher, the first upward target could be found at all-time highs of $119.49 made Tuesday.
In addition, continued buying pressure would crave the path to new all-time highs around $120.
RSI: The daily Relative Strength Index has shown a bearish divergence since March 9. However, the price tested all-time highs. Any drop in the indicator would argue for further sales in the token.
MACD: The moving average convergence divergence signals impending bearish momentum. Although trading above the midline, but the moving averages are converging with negative sentiment.
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.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
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