Terra’s(LUNA )price is trading with substantial losses as it stops working to take advantage of the previous session’s gains. The pair opened lower but quickly recovered near the session’s higher level. However, all gains were vaporized as quickly as the cost $94.0 mark.
- Terra’s (LUNA) rate edges lower on Thursday with almost 4% losses.
- Luna could revisit $76.0 if the rate retrace below 0.38% Fibonacci level.
- Even more, a double leading near $94.0 shows price correction in other words term.
Now, the rate is simply hovering above the lows made in today’s session at $86.89. The research study of different technical indications is recommending further retracement is anticipated at LUNA rate.
Source: Trading View Firstly, the everyday Relative Strength Index (RSI) practically trades flat near $73.0 while the price makes higher highs. The momentum sign reads above $70, which means the marketplace is overheated. Therefore, some earnings booking is expected near these levels.
Second of all, the typical trading volume is likewise becoming stagnant after an excellent dive considering that February 21st. LUNA has exceeded the broader crypto market space as it registered almost 100% gains from the February lows.
Lastly, the Moving Average Convergence Divergence (MACD) holds above the midline with a bullish bias. Any uptick in the sign might further reinforce the bullish outlook for the pair.
But, if the rate stops working to hold the session’s low then it could instantly fall towards the 0.23% Fibonacci Retracement level at $83.0. Next, market participants might revisit $76.0 at the 0.38% Fibonacci retracement level.
Additionally, if financiers successfully turned the resistance turn support level around $87.0 then the possibility of checking the $100.0 psychological level can not be ruled out. As of publication, LUNA/USD is trading at $87.69, down 5.98% for the day.
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