LUNA Intraday Analysis
Spot rate: $16.70 | Trend: Bullish | Volatility: High | Support: $15.96 | Resistance: $17.33
What’s Ahead?
LUNA has shown immense strength over the last month after price hit lows in May. The large cap cryptocurrencies have been on a steady uptrend the past weeks which has allowed many alts to surge. Terra has outperformed almost all top 100 coins the last month as prices are up nearly 250%. This has investors wondering if the bull market is back in full fledge. BTC still must clear the $55,000 mark to be in a place where we can confirm it is continuing its uptrend this bull market.
After looking at the last month of price action, we can see how Terra has respected an ascending triangle very well (shown in light green). Each time price hits either trend, it gets rejected to the opposite. This shows a very steady uptrend is in place & will continue as long as price stays in the channel.
For LUNA to go for another leg, price must break & hold the major resistance zone from $17.33-$18.36. If bulls manage to pull this off, price will then aim to hit the two given targets around $20.
Terra Price Analysis: LUNA/USDT 4 Hour Chart
At the time of writing, LUNA is holding above its minor support found at $15.96. In the case bears reject price from breaking its major resistance zone, LUNA must hold its current support to save itself from a further downfall. If bulls fail to hold this area, LUNA will have one last shot at holding the bottom trend of the channel. If selling pressure increases & both these marks break, LUNA will then be in a confirmed downtrend & will likely sweep back to around $15.00. The 50MA has held price up for over 20 days & a break below this mark will be the last confirmation needed to say LUNA is in a short term downtrend.
- While looking at the MACD, we can see it has spent most of its time in bullish territory the last 3 weeks. The only concerning part is that the MACD now has a curved top which may show a slight trend change is underway. If the MAs break below the 0 value back into bearish territory, be prepared for a fall to $15.
- The Stochastic RSI has just visited oversold territory for the first time in 3 days. If the strength gets stuck below the dotted line, we can expect further sell off & inversely if it can break upwards past the 20 value, another bullish push may be underway.
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