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Luna Price Prediction: Terra (LUNA) To Revisit $97.0 As Bulls Regain Control; Is Time To Buy?

Terra’s (LUNA) price pauses losses on Saturday after testing the highs around $97.0. The formation of a ‘Doji’ candlestick near the lower levels suggest bulls keeping a steady foothold at a critical support level of $80.0

  • LUNA price consolidates near the lower with modest gains on Saturday.
  • Expect an upswing back to $97.0 as bulls contain reliable support.
  • Momentum oscillators echo bullish outlook for the altcoin.

LUNA hovers just below the 0.78% Fibonacci Retracement level. A daily close above $85.0 will push LUNA price back into a higher trajectory with the first upside target at the previous session high of $97.0.

Next, the market participant will keep their eyes on the psychological $100.0 mark.

Source: Trading View

Technical Indicators:

RSI: The daily Relative Strength Index (RSI) trades at 64 after slipping below the overbought zone. It still reads above the midline with a positive bias.

MACD: The Moving Average Convergence Divergence hovers above the midline suggesting the continuation of the uptrend.

But trading volume is declining since February 4 as prices are moving higher. A spike in sell order could test 0.618% Fibonacci retracement level at $76.76.

Furthermore, a break below the mentioned level would next see test the horizontal support line at $70.0.

In the past month, Terra has outperformed the broader cryptocurrency market with extreme volatility in the market. Terra’s price has surged 93% from the lows of $47 to the swing highs of $91.

LUNA price has pierced above the 50-day Exponential Moving Average (EMA) at $58.29 since February 24.

As of writing, LUNA/USD is trading at $85.75, up2.78% for the day.

 

Disclaimer

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.

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