- Luna Token prices struggle to rise above the $8 horizontal resistance level.
- The coin price is trading slightly beneath the 200-day EMA.
- The token pair LUNA/BTC trades at 0.0002316 BTC with an intraday gain of +3.17%
TERRA Token price has been in a short-term downfall after facing rejection near the $8 mark. The short-term collapse brought the token prices back to the support level of $5.5. However, the bulls managed to push the price higher back to $8 with increased buying pressure.
The token price is struggling to rise above the 200-day EMA as it moves along with a strong supply zone. Moreover, the sloping 100-day EMA projects a high possibility of a bearish crossover.
Presently, the LUNA token is trading at $7.82, with an intraday gain of 7.45% in the past 24 hours. Moreover, the increased buying pressure has led to a 13% rise in the intraday trading volume.
$8 vs. The LUNA Token Price
TERRA Token price has once failed to rise above the $8 resistance level; however, bulls attempt to break above the resistance once again. As per the price action, LUNA token prices may find resistance at $10.00 if the prices manage to rise above the $8 mark. In case of a reversal, the LUNA token price may halt the downfall near the $5.5 or $3.5 level.
According to the 4-hour timeframe, the recent bullish crossover of 50 (red) and 200 (white) EMA projects the start of an uptrend. Furthermore, the coin price is above the 200 (white) EMA, projecting bearish sentiment.
The relative strength index (Neutral) projects underlying neutrality as the slope of RSI moves in the neutral zone.
The ADX indicator projects a slow rise in trend momentum.
Conclusion – LUNA Token prices may reverse back from the $8 mark as the opposition near the horizontal level seems to be overwhelming. Investors with bullish hope might want to wait until the bulls’ $8 level is taken down.
Support – $5.5 and $3.5
Resistance – $8.00 and $10