LUNA Technical Analysis – March 2022
The price of Terra (LUNA) finished 2021 at an all-time high of $103, making it a very successful 4th quarter for LUNA holders. Despite that, the price of Terra started declining in the early days of January. The price dipped by around 40% in the first week of 2022, but it managed to have a correction of 42%.
Nonetheless, the trend now got bearish as the new highs and lows were lower than the previous ones in the longer-term chart. After that, the price declined by an additional 50%, where it managed to find support at $43, at the long-term supporting trendline.
After a period of fluctuations, while still managing to have support at that trendline, LUNA went as high as $60 throughout February, but it failed to reverse the trend. The last week of February saw LUNA have a breakout and increase by more than 100%. That run continued in the early days of March as well. The price has recently reached a new all-time high of $104. Understandably, the price retraced and is now trading at around $90.
The fear and greed index shows signs of greed for LUNA traders, meaning that the price is highly bullish. Moreover, the recent price movement has formed a triangle pattern in the 4-hour chart, suggesting that a breakout could occur soon.
The 20-MA of a 4-hour chart is currently below the price of LUNA, meaning that the trend could remain bullish and that the price could keep increasing in the coming days. The 50-MA, however, is currently acting as support and is attempting to keep the long-term trend as a bullish one. If the coming candlesticks are green, then we may see the price of LUNA continue this bullish trend in the coming weeks as well.
The 9-EMA is currently above the price of LUNA, meaning that the short-term trend might be bearish now. This could see the price of LUNA decline in the coming hours, while the EMA line may act as resistance to the price.
Relative Strength Index
The RSI of a 4-hour chart hit above 70 when LUNA reached its new all-time high. Because of that, LUNA became overbought, meaning that the retracement was anticipated. Nonetheless, it is currently at 50, suggesting that there is plenty of space to keep growing in the coming days.
The MACD line of a 4-hour chart is currently above the signal line and above the baseline, meaning that the momentum is bullish. Nonetheless, the lines are converging, suggesting that the momentum might shift in the short run.
The Fibonacci retracement levels suggest that the price of LUNA retraced to the 61.8% level, meaning that the price may continue to rise in the coming weeks, other things equal.
Price Prediction LUNA – March 2022
Based on this technical analysis on Terra (LUNA), the price of LUNA may keep rising in the coming days. If the price continues to find support at the current trendline. Furthermore, we may see LUNA retest resistance at an all-time high. Judging by the triangle price pattern, we may see LUNA have a bullish breakout and eventually reach a new all-time high in the coming weeks. Nonetheless, the price may also be affected by other market factors, including the price movement of BTC and the overall emotion of crypto traders.
Latest News for LUNA – Affecting Price
CEO of Terraform Labs has made a bet with a crypto investor named Sensei Algod that Terra may be higher in one year’s time than the current price. Sensei Algod, on the other hand, suggests that Terra might be below $88 in one year’s time. The bet is worth $1 million. The Terra community is set to be supportive of Do Kwon, the Terra CEO, and they may pump the price just so he does not lose the bet.
Cool, I’m in
— Do Kwon 🌕 (@stablekwon) March 13, 2022
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