- Terra Coin has been consolidating since January 2022.
- The crypto asset is presently trading below 20, 50, and 100-days DMA.
- The pair of LUNA/BTC is trading at 0.001246 BTC with an intraday drop of 2.38%, whereas the LUNA/ETH pair is CMP at 0.01749 ETH with a 24-hour negative change of 3.67%.
LUNA Coin price is at $51.19. The token has been trading in a falling wedge pattern since January 2022. The LUNA Coin continues to be stuck between buyers’ and sellers’ battles. However, the trading volume has increased to 33.34% in the intraday trading session. The market cap value of LUNA has decreased by 9.17%, and the volume to market cap ratio is 0.06356.
The signs aren’t pretty for the investors of the LUNA coin. Bears might get happy by shorting uptrends again and again. The crypto asset is presently trading in sideways momentum. The traders need to wait for any directional change over the daily chart. Intraday trading volume isn’t good and shows signs of low trade as it is below the average.
The LUNA coin price over the daily chart is trading in sideways momentum. The token is trading below each of the 20,50, and 100-days DMA. The signs of the falling wedge could be confirmed by the downward converging trending lines and the declining volume over the chart. The trend lines are drawn above the highs and below the lows on the price chart pattern can converge as the price slide loses momentum and buyers step in to slow the rate of decline. Before the lines converge, the price may breakout above the upper trend line. The bulls may try for a bullish reversal through the upper trend line.
What do Technical Indicators Justify?
The LUNA Coin price over the daily chart is trading in a falling wedge pattern, and the coin is nearing the upper trendline to break out of the downward pattern. The buyers are preparing for a bullish reversal which signifies good times for the investors of LUNA coin. Moreover, the Bollinger band also shows that the token will break out of the falling wedge channel. However, traders may look for any directional change observed sooner.
Relative Strength Index forecast neutrality for LUNA coin. Meanwhile, MACD exhibits sideways momentum of LUNA. As the MACD line is moving parallel to the signal line.
Conclusion
The LUNA Coin is trading in a falling wedge pattern. The buyers may push for a bullish reversal as soon as they decline the rate of effect of bears over the token. The LUNA coin may register a bullish momentum over the daily chart as soon as it escapes from the falling channel.
Technical Level
Support Level: $35.0 and $25.0
Resistance Level: $87.0 and $103.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.