LUNA Price Analysis: Terra price rises 170% in last two weeks – here are Next Buy/Sell Levels – LUNA price has had a wild revival the last few weeks. Prices rose almost 200% from the low set a few weeks ago as the general market has risen an average of 40% off the lows. This is very impressive for an alt-coin as the majority of alt-coins are still gaining steam for a strong push upwards.
After such a strong bullish surge, it is safe to assume some type of retracement may occur before pushing LUNA pushes higher.
For the past 15 days, LUNA has been respecting an ascending channel (shown in green). This channel has held LUNA throughout a very strong upwards trend. Just over the past 12 hours, LUNA has experienced 2 rejections at the top of this channel. Each time this has happened, LUNA retreated back to the bottom trend of this channel.
If the current support of $14.50 fails to hold, we can expect LUNA to fall back to the bottom trend of this channel, along with the major support of $13.55.
LUNA Price Analysis: LUNA/USDT 4 Hour Chart
Over the past 2 weeks, the 25MA has held support for LUNA. This can be referenced over the coming days as a break below this MA along with the bottom trend of the channel, will likely trigger a short term downtrend. For LUNA to continue pushing, it must break & HOLD its major resistance zone found at $14.50-$15.00. This will set LUNA up to hit its next targets. Although, it seems likely LUNA needs some cooling off before this occurs.
While looking at the RSI, we can see a trend line has been respected for over 2 weeks. At the time of writing, the strength is hanging out very close to it. Breaking below this trend will cause the trend to shift and LUNA will begin a short term retrace. The MACD has been floating decently high the last few days and it seems to be curling over, readying for a bearish cross.
LUNA Intraday Analysis
Spot rate: $14.70
Trend: Bullish
Volatility: High
Support: $14.50
Resistance: $15.13
