The price of Terra (LUNA) has continued to perform exceptionally well since February 21, despite Thursday’s defeat. However, the price remains under pressure near the session high. LUNA was one of the crypto market’s biggest winners for two years as demand for decentralized financial services increased among retail traders.

Terra (LUNA) price edges higher on Saturday. Luna outperformed the leading cryptocurrencies this week, including Bitcoin. Momentum oscillators signal a continuation of the upward momentum.

At the time of writing, LUNA/USD is trading at $75.26, up 3.08% for the day. The 24-hour trading volume of the ninth largest cryptocurrency by market cap is held at $3,535,065,777 with over 25% losses.

LUNA set to step up

On the daily chart, the price of Terra (LUNA) is down nearly 58% in value from its record high of $103.50. LUNA cut below the 50-day EMA (exponential moving average) $74.32 and remained under pressure below the said level.

Source: Trade View

However, Luna finds crucial support near the 200 EMA at $46.36. The price was up 77% to the swing highs of $77.20.

The declining trendline of the said line acts as a resistance barrier for the bulls. But today’s price action took the courage to break above the bearish line. A resurgence in buying pressure could test the psychological level of $80.0.

Next, market participants will flex their muscles toward the $90.0 horizontal resistance line.

Alternatively, if the price does not close above the mentioned trendline, the pair will test the 50-day EMA at $60.78

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) is at 68, indicating that the market is far from overheating.

MACD: The Moving Average Convergence Divergence (MACD) is trading above the midline with bullish momentum advancing.

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 Terra (LUNA) Price Prediction: LUNA Moves to $90.0 with Volumes Rising

was published first on https://coingape.com/markets/terra-luna-price-prediction-luna-advances-toward-90-0-with-rising-volumes/

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