- The LUNA token price rests above the $40 mark in the daily chart.
- The LUNA/BTC pair trades at 0.0007658 BTC with a rise of 5.93%.
- The 24 -hours volume of the token is $1.14 Billion, indicating a 100% hike.
The LUNA token price action showcases a downtrend in action after the head and shoulder pattern fallout near the $55 mark. However, the $40 mark supports the price and shows a lower price rejection.
The LUNA price shows a weakness in the bullish trend as the price breaks falls below the crucial EMAs 20 and 50 in the daily chart. Moreover, the token price shows a rising bearish momentum; however, the pivot point indicates resistance levels at the $51 and $60 mark if the price shows a bull run. Moreover, on the flip side, the support level is at $33 and the $25 mark.
Will The LUNA Token Price Show A Bullish Reversal?
As we have already mentioned, the LUNA Token gaining trend momentum and the rise in bearish candles indicates a strong possibility of the downfall. As a result, traders with bearish can find safe entry points at the fallout of the $40 mark.
Moreover, LUNA made a false breakout of the $40 mark in the mid-term before showing a lower price rejection. The price is likely to continue with a bearish trend below the $40 mark.
The RSI indicator indicates a rise for underlying bearishness as the slope sustains below the 50% mark.
Moreover, The MACD and signal lines of the Moving average convergence divergence indicator are moving lower than the neutral area (0.00), indicating bearish momentum for the LUNA token.
Conclusion: From a technical perspective, the LUNA token indicates a rising bearish trend, and therefore to catch a better directional move, the crypto traders have to wait till the price breaks out from the crucial level of $40.
Support – $50 and $40
Resistance – $65 and $75