• 14 July, 2024
Market News

Bullish Upswing Propels LUNA Prices Back Above $1.30, Further Upside Likely?

LUNA, the native cryptocurrency of the Terra Protocol, has been trading in bullish territory lately, with prices rallying back above the $1.30 level. This marks a significant rise from its recent near-term low of $1.17, as traders appear to be taking advantage of the upswing. Terra LUNA is trading at $1.33, up by 2.95% in the last 24 hours.LUNA‘s trading volume has increased exponentially over the past few days as well, indicating that traders are increasingly taking interest in cryptocurrency. The volume is up by over 50% as the total market cap of LUNA stands at $169,619,570.

LUNA’s price action:Coinmarketcap

LUNA/USDT Technical Analysis

Looking at the technicals, LUNA’s price action has been confined within a symmetrical triangle pattern since the beginning of May. Prices broke out to the upside during last week’s trading session, with the cryptocurrency rising more than 14% in the following days. This breakout is likely to continue in the near term, with analysts predicting that prices could reach $1.50 in the coming days. On the downside, support is expected to be established at the $1.25 – $1.30 level while resistance is seen around the 1.45 and 1.50 levels.

The technical indicators are signaling a potential bullish breakout as the Bollinger bands are starting to move away from the price action. The Relative Strength Index is also trending in the bullish direction, which could be a sign of further upside potential.

The technical analysis of the moving averages action, on the other hand, paints a slightly different picture. The 50-day Simple Moving Average is trending below the 200 SMA, which means that there is still some resistance at these levels before prices can continue to move higher.

The EMA 50 is also trending below the EMA 200 and appears to be acting as a strong resistance at around $1.35. The Parabolic SAR indicator is also signaling a bearish trend in the near term.

LUNA/USDT daily chart:TradingView

Overall, Terra LUNA has seen an upswing in prices over the past few days, with prices now trading back above the $1.30 level. The key support and resistance levels remain at the $1.25 and $1.45 mark, respectively.

The technical indicators are suggesting that prices could continue to rise in the near future, with traders taking advantage of the upswing. However, on the downside, the retracement of the 50 MA could act as a strong resistance and may cause prices to retrace in the near term.

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