- The RSI line shows a steady decline in its value concerning the LUNA coin price
- The LUNA/BTC pair trading at 0.0005992 BTC, with a gain of 2.35%,
- The 24hr volume of LUNA coins are $903.5 Million
As mentioned in my previous article on Terra, the LUNA coin price faced strong rejection from its ATH resistance of around $48.5, which eventually led to a minor retracement phase in this coin. Furthermore, the price obtained good support from the $35, which resulted in proper bounce back, with a bullish engulfing candle.
Concerning the EMAs, the LUNA price has a solid bullish alignment, where the price is trading higher than all the crucial EMA’s (20, 50, 100, and 200). Moreover, the price also reclaimed the 20 EMA line, encouraging the ongoing rally.
The RSI value (BULLISH) is at 53, indicating a bullish sentiment within the LUNA coin. However, the RSI line has shown substantial bearish divergence concerning the coin’s price action, projecting weakness among the market buyers.
The LUNA Coin Chart Displays A Rounding Bottom Pattern
The LUNA coin shows the formation of a rounding bottom pattern in the 4hr time frame chart. The neckline for this pattern is at the $40.2 mark, holding an excellent long opportunity for crypto traders when the coin price offers a proper breakdown from this level. The current price of the LUNA coin is $40.37, with an intraday gain of 7.08%.
The moving average convergence/divergence (MACD) indicator shows the MACD and signal lines have just moved above the neutral zone (0.00), indicating a switch from bearish to bullish momentum. Moreover, this crossover with the middle provides a great confirmation for the above chart pattern.
Conclusion: The LUNA coin indicates an overall bullish trend. And as mentioned above, the chart showed the continuation of its rally when the price bounced from the $35 support. Moreover, the crypto should wait for the price to give a decisive breakout from the $40.2 resistance to trigger a proper long entry signal.
Support– $35-$33
Resistance- $40.2