LUNA Technical Analysis: Bears Soon To Outgrow Symmetrical Triangle

The 10% free-fall to the $50 support zone within the triangle showcases the rise in the underlying bearishness. Will the LUNA coin price breach $50? The LUNA coin price action forms a symmetrical triangle pattern with the recent reversal to surpass the resistance trendline, resulting in a lower high formation. However, the bullish candle forming near the $50 horizontal zone teases a bullish reversal within the triangle pattern. Will the Terra coin price give a bearish fallout? Key technical points: The coin price shows a free fall to the $50 mark. The stochastic RSI indicator shows a bearish crossover of the K and D lines. The 24-hour trading volume in the Terra token is $1.28 Billion, indicating a 30% rise.  Past Performance of LUNA As Bitcoin falls below the $41K mark, most altcoins get the bearish influence resulting in an overnight downfall. The LUNA coin price fell 10.30% last night, resulting in a sudden reversal to the $50 support zone.  Currently, the market price of the Terra token is $51.13, with a rise of 1.68% in the freshly forming daily candle in the support zone.  Source-Tradingview LUNA Technical Analysis  The LUNA coin price forms a symmetrical triangle pattern with the market price near the support trendline. Therefore, traders can expect a bullish reversal to the resistance trendline to continue resonating within the pattern. The crucial 200-day EMA provides support to the falling price and helps maintain the uptrend in action. However, the 50 and 100-day EMA maintains a negative slope and hints of a bearish crossover.  The RSI Indicator slope succumbs below the 50% mark, and the 14-day SMA as the bears take over the trend. However, the long-coming sideways movement project the weakness in the underlying bulls.  The Stochastic RSI indicator projects a bearish crossover of the K and D lines in the overbought zone. Moreover, the falling slope of the lines indicates the start of a bear cycle in the LUNA/USD chart.  In short, the technical indicators indicate the high possibility of a bearish breakdown of the symmetrical triangle.   Upcoming Trend The LUNA coin price shows the bears overtaking the trend control and a possible bearish continuation below the $45 mark. However, traders need to wait for the price action confirmation to avoid any bear trap. Support Levels: $45 and $35 Resistance Levels: $60 and $67

The post LUNA Technical Analysis: Bears Soon To Outgrow Symmetrical Triangle appeared first on Cryptoknowmics-Crypto News and Media Platform.

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
• CryptoHawk. Altcoin Radar. Free Trial.
• Source: https://www.cryptoknowmics.com/news/luna-technical-analysis-bears-soon-to-outgrow-symmetrical-triangle/