Home
News
- LUNA is on its way to attaining a stable rise after the recent rise and fall
- The failed attempt to continue the upclimb reduced the token’s current market price by 9.32% since yesterday’s closing price
- The CMP of LUNA is near its 24-hour price mark
Terra, or LUNA, has again come down its bullish rally after the recent market downfall. With a weekly performance of 25.26%, the token suffered from an unprecedented loss. LUNA has a current market rank of 10 and a market dominance of 1.12%. The market cap of LUNA went down by 11.82% in the last couple of hours. The same happened with the trading volume as its value went down by 15.23% in the last 24 hours. The volume to market cap ratio stands at 0.1751. The LUNA/BTC pair underperformed after registering an intraday decrement of 10.4%, followed by the LUNA/ETH pair with a loss of 8.85%.
The 30-minute chart explains the current scenario of the token. LUNA successfully recovered from the recent market crash by immediately climbing up. However, the climb did not continue for long, correcting the price. The token created distribution zones (yellow rectangular area) from where the price always went down, indicating a reduction in the form of a correction. The EMA lines are currently running slightly above the market price. The 200 EMA line gave a breakout to the token before it fell again to face minor resistance from the same line. One can visualise an ascending triangle by visualising the trend line with the support level as a reference.
Oscillators like MACD indicate a favourable position to buy the current low
The monthly performance of LUNA has been up by 26.3%. Over the last month, the token stayed bullish and gave a great return to its investors. The MACD line is currently running above the zero level, but the line has come under the signal line due to the current price fall. Such an occurrence indicate a neutral trend with the potential of dip purchase. The RSI level resides in the neutral zone and suggests no buy/sell action to LUNA’s holders.
The resistance is at $78.541, and support is $49.116.
Conclusion- LUNA’s previous stable bullish rally underwent disturbance and chaos due to the fall in the price, yet the token recovered most of it. The recent slight dip may prove profitable, considering its past bullish performance. Those who buy at CMP may enjoy benefits from the token.
Resistance- $78.541
Support- $49.116
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
