- LUNA has increased by about 70% since last week.
- The coin cleared the inclining resistance channel recently.
- The RSI hovers beneath the overbought area.
LUNA enjoyed lucrative sessions over the past few months as most cryptocurrencies struggled with lows that extended throughout the previous two weeks. LUNA registered continuous higher lows while most alternative coins were in turmoil. That indicates the strength that this coin has. Keep in mind that its price remains more than 2000% higher than last year. With extended bullishness, LUNA might fill its price void.
According to the price chart, LUNA has formed an inclining channel for the previous 65 days (green). The coin managed to clear above the channel’s top yesterday. For now, the asset has a high probability for more gains if the prices maintain above this level.
Besides this trend, there is the resistance area from $8.78 to $9.43. Bulls have to hold the token over this level to maintain the uptrends.
If you want to buy LUNA at the moment, you will have to consider various factors to predict where the asset might head next. Meanwhile, cryptocurrencies, including Bitcoin, continue to register new highs at the moment. Voyager and Binance have proven to be reliable as far as buying LUNA is concerned. While investing in any crypto, keep in mind that the related risks still exist.
While writing this content, the 600 MA serves as a resistance, while the other two lines act as barriers. That is vital to tell whether the market has bulls or bears dominating.
In scenarios where LUNA’s price breaks above this MA, the altcoin will confirm the anticipated bullishness. However, with bearishness, the asset will secure support near $8.26, $7.59, and $6.47.
Relative Strength Index (RSI)
The RSI indicates a near-term bullish trend forming. If the momentum manages to register upside breaks, LUNA will see a massive bullish push.
Moving Average Convergence Divergence (MACD)
The MACD indicator switched to the bullish zone recently, accounting for the 70% increase.
Moving Average (MA)
The moving average touched the almost two-month-long trend-line. Keep in mind that the line has served as resistance two different times. If LUNA overcomes this zone, it can push towards its following targets.
- Spot rate – $9.40
- Trend – bullish
- Volatility – high
- Support level – $8.79
- Resistance level – $9.42