- Luna Token price retraces back to the resistance trendline of the pennant as a retest before rising higher.
- The coin price is trading below all critical EMAs with a rising possibility of a bearish crossover of 100 and 200-day EMA.
- The token pair LUNA/BTC trades at 0.0002097 BTC with an intraday gain of +2.44%
TERRA Token price fell about 25% before managing to halt the retracement above the resistance trendline of the bearish pennant with lower price rejection tails.
However, the coin price is struggling to rise again due to the increasing underlying bearishness.
The token price trades below all the critical EMAs, increasing the possibility of a bearish crossover between the 100 and 200-day EMA. Moreover, the EMAs are falling and may shortly acquire the bearish alignment.
The recent boost of 2.17% rise in the intraday market capital of LUNA token has lacked the trading volume support as it fell by 37.41% in the past 24 hours.
Presently, the TERRA/USD pair trades at $6.59, while the token ranks at 31st position among other cryptocurrencies.
Bearish Pennant Breakout Awaited In The TERRA Token
TERRA Token price faced rejection near the $8.5 mark resulting in the 25% fall as a retracement. However, the token price has managed to rise again after finding demand near the $6.2 mark.
As per price action, coin prices may find resistance at $8.00 and $10.5, and on the opposite end, the support level is at $3.50 and $1.52.
According to the 4-hour timeframe, the recent bearish crossover of 50 (red) and 200 (white) EMA projects a downtrend. Furthermore, the coin price is below the 200 (white) EMA projecting bearish sentiment.
The RSI (bearish) projects an increase in underlying bearishness as the RSI slope gradually falls.
The ADX indicator projects a sideways movement in the trend.
Conclusion – TERRA Token retests the bullish breakout and may shortly regain the bullish backup. As a result, safe investors may find an entry spot above the $8.0 mark to avoid any abrupt reversals.
Support – $3.55 and $1.52
Resistance – $8.00 and $11.86