Terra’s LUNA prints uptrends move on the technical chart. Recently, the altcoin provided another dip opportunity as LUNA dropped to discover support around the $54 level. For now, the coin tries to maintain its rally beyond the immediate resistance near $63, confirming the emerging upward trend.
Vital Technical Points
- LUNA secures support around the 50-day Exponential Moving Average.
- Terra’s intraday trading volume hovers at $2.01 billion, suggesting a 0.13% drop.
LUNA/USD has retested the $54K over the past few sessions. Meanwhile, the pair discovered dependable support at this zone and launched a recovery phase after flashing an inside day candlestick. The assets chart indicated a steady upward move with four successive green candlesticks. With that, LUNA appears on the road towards the ATH resistance near $77. As the other assets endure corrections sessions, Terra Coin defies the narrative.
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The critical exponential moving averages (20-50-100, and 200) reflect a bullish outlook as the price secures support around the 50-day exponential moving average. The daily RSI (56) indicated a lucrative recovery, mimicking LUNA’s price actions.
LUNA/USD Daily Chart
LUNA price gained 26% from the support at $54.4 to reclaim the minor resistance zone at $63. The alt is attempting to stabilize beyond this mark. Success at this level will see LUNA rallying to retest the upward resistance level at $77.
Terra enthusiasts might consider $77 and $85 as far as vital resistances are concerned. On the other hand, LUNAs crucial support levels stood at $63, then $53.
While publishing this article, Terra trades on an upward mood at $65.59 with a market cap of $24,675,665,541. The alt ranks 11 in the crypto rank list (data from Coinmarketcap). If it continues with the uptrend, market participants might see LUNA in the top ten list.
Meanwhile, the crypto market prints mixed sessions following yesterday’s financial markets downbeat. Bitcoin retraced towards the resilience support at $46,000. While writing this news, BTC wavers at $46,593. Bitcoin has to secure levels above $50,000 to support overall bullishness in the cryptocurrency industry. Such a BTC move will see LUNA rising past ATH without hurdles. Nevertheless, Terra’s road with fewer challenges is the upward one.
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