LUNA Technical Analysis: Sellers Plan To Dominate $50

The LUNA coin price approaches the $50 support zone due to the recent bear attack. Bulls at backfoot struggle to sustain above the support zone.  Terra is a protocol for blockchain which uses stablecoins pegged with fiat to provide price stability for global payment systems. It combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements. It ensures that its one-to-one peg is maintained with an algorithm that alters the stablecoin’s supply in response to the demand. Let us move ahead to read about the LUNA technical analysis. Past Performance of LUNA The LUNA coin price falls up to 30% within the past week as it approaches the crucial support zone at $50. The support zone maintains the price above the half-century mark by providing support multiple times in the past 6 months. However, the increased trend-momentum of the downfall in the last few days increases the chances. LUNA/USD Daily Chart LUNA Technical Analysis The LUNA coin price shows a jump of more than 5% from the $50 support zone resulting in the first bullish candle. However, the increased selling pressure might soon drive the price lower in the latter half of the day. The crucial Exponential Moving averages maintain a bullish alignment as the price rests at the 200-day EMA. Moreover, the falling 50 and 100-day EMAs might shortly give a bearish crossover. The MACD Indicator shows the fast and slow lines maintaining a downtrend as they break below the zero line in the daily chart. Moreover, the continuation in bearish trend indicates solid underlying selling pressure. The Stochastic RSI Indicator shows the K and D lines give a bullish crossover as they attempt to exit the oversold zone. Hence, the indicator forecasts the start of a bullish cycle. Therefore, the technical indicators reflect a rise in trend momentum but the crucial support zone fights to push LUNA coin price higher. Upcoming Trend The LUNA technical analysis shows the coin price approaching the crucial support zone at $50 after a downfall of 30% within the last week. However, the support zone halts and pushes the price higher back to $53, at press time. Therefore, sellers need to wait till the price breaks below the $50 support zone and can place a target at $40. At press time, the technical indicator by TradingView gives a “SELL” signal for the LUNA coin. Technical Analysis for LUNAUSD by TradingView { “interval”: “1D”, “width”: “100%”, “isTransparent”: false, “height”: “100%”, “symbol”: “BINANCE:LUNAUSD”, “showIntervalTabs”: true, “locale”: “in”, “colorTheme”: “dark” }

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