Terra (LUNA) is a decentralized blockchain network created by the South Korea-based firm Terraform Labs. The payments platform uses stable coins that are pegged to various fiat currencies. Thus, Terra facilitates ease of payments and introduces price stability. Past Performance The opening price of LUNA was $6.47 on March 3, 2021. As of March 8, 2021, LUNA closed at $9.68. The price has soared by roughly 50% in the past week. In the last 24 hours, the price has fluctuated between $8.21 and $11.46. https://ift.tt/3t8vZ3b Day-Ahead and Tomorrow Today, LUNA started trading at $9.68. Currently, LUNA is trading at $10.91. Thus, the price is on an upswing. The market looks bullish. The OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High selling activity will exert upward pressure on the LUNA price. Presently, the RSI indicator is at 57%. For the past one hour, the RSI indicator was above the 70% mark in the ‘overbought’ territory. Thereafter, it fell to the current level. Thus, buying pressures are high but slowly selling pressures are mounting too. Thus, we can expect a brief price pullback amidst a positive price trend. The MACD and signal lines are positive. Thus, the market momentum is bullish. However, a bearish crossover by the MACD line over the signal line implies a temporary price dip. LUNA Price Analysis Currently, LUNA is trading above the Fibonacci pivot point of $9.78. It is inching closer to the first Fibonacci pivot resistance level of $11.02 and may break out of it soon. By the end of the day, we can expect the price to break out of the subsequent resistance levels of $11.79 and $13.03 respectively. At present, the price has tested and broken out of the 23.6% FIB retracement level of $10.69. Thus, the bulls are strong, and we can expect this price uptrend to continue tomorrow as well.
The post LUNA Fluctuated Between $8.21 and $11.46, What’s Next? – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
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