LUNA price edges lower on Thursday with losses. Terra (LUNA) opened higher but failed to sustain the highs. The price continues to consolidate in a tight range of $85.0 and $95.0. Investors are looking for some catalyst to set the next directional basis.
- LUNA price trades lower in a tight range on Thursday.
- More challenge for LUNA below 0.23% Fibonacci retracement level at $0.87.
- RSI bearish divergence echoes for the downside momentum.
LUNA price set to decline
On the daily chart, after surging nearly 140% from the lows of $43.49 the LUNA price took a breather at the record highs of $104.66. The price records the biggest single-day fall on March 11 with a fall of 13% since January 21.
Now, a fall below the 0.23% Fibonacci retracement level will keep buyers on the back foot. Intense selling pressure will drag the price toward the 0.38% Fibonacci retracement at the psychological $80.0 level.
The selling pressure will further intensify if the price slips below the 50-day SMA (Simple Moving Average) at $75.55. In that case, the LUNA price revisits the $0.70 mark.
On the flip side, a spike in buy order will push the price back toward the session’s high at $90.0. Furthermore, a decisive close above the mentioned level will recapture the crucial $100.0 level.
RSI: The daily Relative Strength Index gives bearish divergence since February 28 as the price makes higher highs. A downtick in the indicator will bring more downside in the pair.
MACD: The Moving Average Convergence Divergence trades above the mid-line with a bearish crossover.
As of publication time, LUNA/USD is trading at $87.87, down 1.50% for the day. The seventh-largest cryptocurrency by market cap holds the 24-hour trading volume at $2,340,922,165 according to the CoinMarketCap.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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