LUNA Price Prediction: RSI Hints A Possible Correction
LUNA price remains muted in today’s session. The price hovers in a very tight range as investors lack conviction for any directional bias. However, some profit booking is expected in LUNA from the higher levels.
- LUNA price trades in a very tight range with no meaningful action.
- A decisive close below $90.0 can see an extended sell-off in the LUNA price.
- The momentum oscillators skewed in favor of bearish sentiment.
LUNA price trades sideways
On the daily chart, the LUNA price continues to trade in a very tight range for the past five sessions. The price jumped more than 100% from the lows of $43.48 to the record highs of $104.57. The next price action will depend on if the critical $90.0 is sustainable by the bulls.
Currently, the price challenges the 0.23% Fibonacci retracement level at $0.91. A decisive break below the vital support level will accelerate the selling toward the critical 50-day EMA (Exponential Moving Average) placed at $0.80.
This would also mark the breach of another crucial $0.38% Fibonacci retracement level.
On the contrary, if the price is able to sustain the $0.90 level then there is a possibility of the continuation of the upside momentum.
The first upside target could be found at the psychological $100.0 level. A resurgence in buying pressure will push the price toward the fresh record high level around $110.0.
As of press time, LUNA/USD is trading at $93.36, down 0.38% for the day. The eighth-largest cryptocurrency by the market cap holds the 24-hour trading volume of $1,892,647,405 according to the CoinMarketCap.
Technical Indicators:
RSI: The daily Relative Strength Index oscillated below the average line. The current reading is at 56. A downtick in the indicator will strengthen the bearish outlook.
MACD: The Moving Average Convergence Divergence traded above the mid-line but with a receding bullish momentum.
Trading volume: The On Balance Volume (OBV) consolidated near the overbought zone but still indicated the market is a bit off from over-heating.
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