Luna’s price edges lower with significant losses as the weekend begins. LUNA looks exhausted after rising nearly 100% from the lows of $43.50. Some retracement is expected at price from higher levels as evident from the recent price action.
- Luna’s price dives deep into lower levels on Friday.
- Expect more losses if the price falls below 0.23% Fibonacci retracement level.
- RSI bearish divergence on the daily chart suggests impending bearish momentum.
LUNA price set to decline further
LUNA price is retreating after bucking the overall crypto market trend and testing a record high level on Thursday at $104.54. However, the formation of the “Spinning top” candlestick pattern, which is a bearish reversal pattern cast doubt over among investors about the continuation of the upside momentum. Now, followed by a red candle gives confirmation of the further downside in the asset.
The immediate stoppage is placed at 0.23% Fibonacci retracement at $90.0. A daily close below the mentioned level would meet the next support at the vital $80.0 support level.
However, the prevailing uptrend will reverse if the LUNA price slips below 0.5% Fibonacci retracement level of $70.0.
On the flip side, a shift in the bullish sentiment would pause the declines and sellers might find support around $90.0 then it could recapture the psychological $100.0 level.
Next, market participants will make an attempt to take out recent highs of $104.50.
RSI: The daily relative strength index gives a bearish divergence since February 26 while pricing rises higher. Further price slips below the average line and reads at 59.
MACD: The Moving Average Convergence Divergence trades above the midline with a neutral bias. Any downtick in the indicator could price lower.
As of writing, LUNA/USD is trading at $91.25, down nearly 10% for the day.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.