The Terra (LUNA) coin chart shows an overall uptrend. However, the price is currently in a correction phase having dropped 31% from the all-time high of $103.3. Currently, the price is hovering above the 0.382 FIB ($65.3), trying to supply enough demand.
Main technical points:
- LUNA price shows morning star pattern at $66 support
- The Stochastic RSI shows a bullish crossover of the K and EAS lines
- The day trading volume of the LUNA coin is $2.5 billion, showing a 0.1% increase.
The source- Tradingview
The last time we mentioned an article about Terra coin, the pair is rallying for a three-digit milestone inside a rising wedge pattern. However, as was warned, the price broke out of this pattern and triggered a sharp sell-off in the coin.
Furthermore, the recent bloodbath in the crypto market increased selling pressure on LUNA Coin and dropped the price of LUNA below the $80 support. As a result, the coin price lost around 28% in less than two weeks and plummeted to the 0.382 Fibonacci retracement support ($66.1).
As for the upside of LUNA price, the 50 and 100 SMA mainly cover for occasional pullbacks. Although the recent correction has almost eliminated the 50 SMA, the 100 and 200 SMA still maintain the bullish sentiment.
RSI Daily-Stochastic has dropped to the oversold zone. Furthermore, the K and D lines provide a bullish crossover, indicating a growing underlying bullish bias in the coin.
LUNA Coin in 4-hour timeframe chart
The source- Tradingview
LUNA price is currently trading between two important chart levels i.e. $80 and $66. Cryptocurrency traders might consider the area between this level as the Do Not Trade area. A breakout from either level of this range can determine whether the price will recover or extend the correction.
The average directional movement index (32) points to a minor pullback in its decline due to a consolidation of price action near the $66 support. If the price continues to slide lower, the ADX line has could show another spike in its chart.
- Resistance levels- $80 and $94
- Support level- $66 and $53.6