Terra is a blockchain network that uses stable coins pegged to fiat currencies to introduce price stability in the global markets. It is a high-speed, tamper-proof, hack-free, cost-efficient, and censorship-resistant ecosystem. LUNA is the native stable coin of this network. Let us look at the technical analysis for LUNA. Past Performance On Jul 13, 2021, LUNA opened at $7.89. On Jul 19, 2021, LUNA closed at $5.95. Thus, in the past week, the LUNA price has decreased by roughly 25%. In the last 24 hours, LUNA has traded between $5.67-$6.46. https://ift.tt/2TkRu4k Day-Ahead and Tomorrow Currently, LUNA is trading at $5.71. The price has decreased from the day’s opening price of $5.95. Thus, the market seems bearish. The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the LUNA price to start rising. Currently, the RSI indicator is at 62%. It faced rejection at 60% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the price. However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further. In a nutshell, the RSI and MACD indicators have given positive signals, while the OBV indicator has given negative signals. Thus, the overall market momentum is bullish. We have to wait and watch if the bullish trend continues or a trend reversal occurs. LUNA Technical Analysis Currently, the price is above the first Fibonacci pivot support level of $5.72. The price may soon breach the Fibonacci pivot point of $6.03. Thereafter, we have to wait and watch if the price continues to rise or starts declining again. Currently, the price is below the 23.6% FIB retracement level of $5.86. It may soon break out of the 38.2% FIB retracement level of $5.97. By day end, if the price breaks out of the 76.4% FIB retracement level of $6.27, then the price uptrend is strong enough to sustain till tomorrow.
The post LUNA Technical Analysis: Price in a Flat-Zone Giving Mixed Signals Below $5.86 appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
