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Home » Price Analysis » Luna Price Analysis: Bulls Got Rejected at $78 ATH, Is a Correction Coming?

Luna Price Analysis: Bulls Got Rejected at $78 ATH, Is a Correction Coming?

Author: Duo Nine

Last Updated Dec 9, 2021 @ 15:02

Luna’s price is circling under the all-time high, and bulls need to sustain the momentum otherwise, bears may take over.

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Key Support levels: $55, $64, 

Key Resistance levels: $78

Luna’s rally came to a halt at the $78 resistance level. The fact that volume has been decreasing since then may give the bears an opening to take control of price, even if for a short period. The current key support levels are found at $64 and $55.

During the flash crash from December 4th, the bulls had full control of price at the $55 support area. Therefore, any attempts to pull Luna down should consider this critical level as a major obstacle.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is decreasing, and this may spell trouble in the nearby future.

RSI: The RSI is curving back down and completed a lower high while the price maintained its level. This is another sign of weakness. The bears are likely to exploit this to their advantage.

MACD: The MACD histogram is making lower highs, similar to the RSI. This is bearish, and if the daily moving averages chart a bearish crossover, then Luna is likely to fall back to its key support.

Bias

The bias for Luna is neutral. It will remain as such until the bulls are able to commit towards a further push higher.

Short-Term Price Prediction for Luna

Luna is giving some signs of weakness after setting the all-time high at $78. For this reason, it is entirely possible for the cryptocurrency to enter a short-term correction as well.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Terra (LUNA)
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About The Author

Duo Nine
More posts by this author

Duo Nine is a crypto educator and a seasoned technical analyst with over seven years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left this space.

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