According to Terra (LUNA)’s white paper, it offers fast, and affordable settlements, and uses stablecoins to power a price-stable payment system. Stable coins are coins that are pegged to fiat currency, such as USDT. Its ability to peg itself from stable coins makes Terra a unique blockchain startup. Let us look at the technical analysis for the same. Past Performance On July 02, 2021, LUNA started trading at $5.90. As of July 08, 2021, the closing price of LUNA was $6.70. Thus, in the past week, the LUNA price has been very less volatile. In the last 24 hours, LUNA has traded between $6.43 – $7.33. https://ift.tt/3ACH7JY Day Tomorrow And Ahead In the past 24 hours, LUNA has been very volatile and has increased by 8.78%. At the time of press, LUNA is trading at $7.26. On the daily chart, MACD is just below the zero range. However, it is forming a bullish crossover by the signal line over the MACD line. The lagging indicator indicates that the price will continue in the same trend for a while. Both these lines are close to zero range, therefore, have the potential to reverse the trend. Even the RSI is at 60.77%, and it has formed a bullish divergence. RSI has enough potential to go towards the overbought region. It has indicated a trend reversal, and thus a trader can take a long position from here. In short, as per the oscillator, the buying pressure in the market is mounting up. We have to wait and watch how the trend is supported and will the price be able to break the long-term resistance at $7.84. If the price breaks out of this level, a long position can be taken. LUNA Technical Analysis The price has tested and fallen below the Fibonacci pivot point of $7.28. As the indicators have shown bullish signals, we can expect the price to rise and test the first Fibonacci pivot resistance level of $7.90 soon. If the price breaks this resistance, traders can go long by keeping a stop loss at $6.90. The price has tested and made the support level at FIB retracement level of $6.40. If the price falls below the FIB extension level of $6.40 in some time, this implies that the price downtrend is strong. In that case, traders can go short with a target of $6.05 and keep a stop loss at $6.79.
The post LUNA Technical Analysis: With Bullish Indicators, May Cross Fibonacci Pivot Resistance Level of $7.90 Soon appeared first on Cryptoknowmics-Crypto News and Media Platform.
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