LUNA price extends the previous session’s gains on Monday. The price manages to rebound from the lows around $75.0 and oscillates around a strong resistance. To manage the uptrend the price must stay above $80.0.
- LUNA price started the new trading session on a higher note.
- Investors can expect LUNA to continue to move higher and to retest the daily supply zone extending from $90.0 to $100.0
- A breakdown below $75.0 would invalidate the bullish outlook on the asset.
As of press time, LUNA/USD is trading at $83.87 $39, up 2.03% for the day. The eight-largest cryptocurrency by the market cap is holding at $1,791,671,980.
LUNA price turns upside
LUNA’s price has been trading in a short-term trading range of $60 and $100.0 since December 26. However, the range broke briefly on January 27, when the LUNA price touched the low of $43.48. The ascending trend line from the mentioned level acts as the support for the bulls. LUNA surged nearly 60% to touch the record high of around $119.40.
However, the bulls failed to sustain the momentum and retraced quickly to the swing lows around $76. The downside remains intact as the price still trades under the 50-day EMA (Exponential Moving Average) at $88.89.
A sustained buying pressure will push the price toward a higher level at least in the short term. In the past two sessions, LUNA has gained almost 11%. A daily close above $85 would bring $90.0 into play. In addition to that, investors would pull up their sleeves to catch the horizontal resistance level around $100.0.
The Relative Strength Index (RSI) makes double bottom around 37 and attempts to pierce the average line.
On the other hand, a decisive break below $75.0 will trigger a fresh round of selling in the asset. In that case, the sellers would keep their eyes on $70.
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.