LUNA might experience a short correction priorto advancing to brand-new all-time highs.
Key Takeaways
- LUNA's rate hasactually increased by more than 100% in the past 10 days.
- Investors might now take earnings as recommended by the technicals.
- A spike in selling pressure might see rates dive towards $77.
Terra’s native token LUNA hasactually takenpleasurein considerable gains over the past 10 days, outshining much of the crypto market. Now, it appears to be preparing for a short correction priorto rates head greater.
LUNA Is Primed for a Brief Correction
LUNA appears to be bound for a short correction after doubling in cost, with more than 106% gains giventhat Feb. 20.
The altcoin appears to be overbought, and current cost action recommends that a spike in profit-taking is close at hand. As such, LUNA’s cost might drop priorto it resumes its uptrend.
Based on the technicals, a short-term downhearted outlook appears impending. The Tom DeMark (TD) Sequential indication provides a sell signal on LUNA’s day-to-day chart. A bearish development has established in the type of a green 9 candlestick; if confirmed, LUNA might backtrack for one to 4 everyday candlesticks till it discovers steady assistance.
The Fibonacci retracement indication, determined from Jan. 31’s low at $43.40 to Mar. 2’s high at $97.40, recommends that the prospective cost correction might extend to $77 if LUNA prints a everyday close listedbelow $86. This essential assistance level might be strong adequate to avoid evenmore losses and serve as a path for sidelined financiers to returnto the market by getting the altcoin.
Furthermore, market individuals might experience “FOMO” if LUNA closes above its current high of $97.40. Breaching this important resistance level might boost purchasing pressure behind the property, pressing costs into brand-new all-time highs. LUNA might then discover resistance as it approaches costs of $112 to $120.
LUNA is presently the seventh-largest cryptocurrency with a market capitalization of around $33.2 billion.
Disclosure: At the time of composing, the author of this piece owned BTC and ETH.
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