The LUNA price breached the $75 threshold and brings a retest entry opportunity to reach the $90 mark. The rally starting from the $50 mark gains more than 50% in the past five days resulting in the breakout of multiple barriers on the way to the top. However, the retracement hints of a retest to gain bullish momentum to reach $90. Will this breakout bring the best buying opportunity?
Key technical points:
- The RSI slope approaches the oversold boundary
- The intraday trading volume in the Terra token is $3.01 Billion, indicating a 15% loss
Will The Bullish EMA Crossover Help Reach LUNA price $90?
In the 4-hour time frame chart, the LUNA price shows a consolidation close to the horizontal level of $75. However, the recent lower price rejections hints the resistance had flipped to support.
The bullish crossover of the 100 and 200-period EMAs mark a surge in the underlying bullishness that will fuel the ongoing rally.
If buyers regain the momentum followed by the tail formations, the altcoin prices may hit $90 after surpassing the $84 level.
Considering a different point of view, if the bears overtake the trend control, a reversal to $60 is possible.
Last week’s rally comes after the $60 breakout, which hints at a double bottom pattern as the Terra token price action projects two distinct dips at $50. However, the $1 Billion funding can be credited to keep the bullish zeal alive that held the altcoin in the top gainers list during the bearish week.
The RSI indicator slope (69%) shows a short pullback from the overbought zone, but the overall signal remains bullish. Moreover, the 14-day average breaks above the halfway mark. Moreover, the MACD histograms show a bullish trend in action, with the fast and slow line breaking above the zero mark.
- Resistance levels- $84 and $90
- Support levels-$65 and $60
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.