The price of Terra (LUNA) is trading at significant losses as it does not profit from the gains of the previous session. The pair opened lower but quickly recovered near the higher level of the session. However, all gains were vaporized once the price tag marked $94.0.
Terra’s (LUNA) price is lower on Thursday with nearly 4% losses. Luna could revisit $76.0 if the price moves below the 0.38% Fibonacci level. Furthermore, a double top near USD 94.0 points to a near-term price correction.
Now the price is hovering just above the lows of today’s session at $86.89. The study of several technical indicators suggests further retracement is expected at LUNA price.
Source: Trade View
First, the daily Relative Strength Index (RSI) is trading near flat near $73.0 as the price makes higher highs. The momentum indicator is above $70 which means the market is overheated. So some profit posting is expected near these levels.
Second, the average trading volume is also stagnating after a significant jump since February 21. LUNA outperformed the broader crypto market space as it gained close to 100% from February’s lows.
Finally, the moving average convergence divergence (MACD) is holding above the midline with a bullish bias. Any gains in the indicator could further bolster the bullish outlook for the pair.
But if the price fails to hold the session low, it could immediately fall towards the 0.23% Fibonacci Retracement level at $83.0. Subsequently, market participants were able to revisit $76.0 at the 0.38% Fibonacci retracement level.
Alternatively, if investors successfully flip the resistance’s support level around $87.0, the possibility of testing the psychological level of $100.0 cannot be ruled out. As of publication, LUNA/USD is trading at $87.69, down 5.98% for the day.
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The content presented may contain the author’s personal opinion 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 Terra (LUNA) Price Forecast: LUNA Could Test $76.0; Will you buy the dip?
was published first on https://coingape.com/markets/terra-luna-price-prediction-luna-might-test-76-are-you-buying-dip/
