On Thursday, the LUNA price showed signs of strength, gaining almost 2% and extending the previous two days’ upward pace. For the previous few sessions, the broader cryptocurrency market has been treading water, but LUNA has shown extraordinary endurance at the lows. LUNA continues to be a bright area for traders.
- Terra’s LUNA is still recovering, and further gains are possible.
- A daily closing above $82.88 would serve as the foundation for a drive towards weekly highs over $90.0.
- The downside risk is still present on the weekly chart, as evidenced by bearish RSI divergence.
The LUNA Foundation Guard (LFG) has pledged its support for the Terra Ecosystem and open-source technology.
The Luna Foundation Guard (LFG), based in Singapore, has formally announced its formation and mission target to assist the growth and development of open-source technologies, as well as to facilitate the goal of a decentralized economy. Terraform Labs will provide LFG with an initial gift allocation of 50 million LUNA as a result of this (TFL).
Technically, the development of higher highs and lower lows that began at $37.84 ended with a 173 percent gain on December 27 after the price peaked at $103.50. The ATH price level was established at this point. However, LUNA’s price has plummeted over 39% since then, with a low of $62.56 and a high of $87.00. As a result, the double top formation forms, putting pressure on the bulls.
LUNA bulls get some solace as the stock trades above the 20 and 50 day simple moving averages. The daily Relative Strength Index (RSI) stands at 51 and has crossed over to the positive side. As a result, a short-term bullish scenario towards weekly highs of $90.00 has emerged. The all-time high of $103.50 appears to be the next upside target.
Since December 27, the price has been trading consistently above the 50-day moving average (DMA), and it is continuing trading above the major moving average. In the last 24 hours, the volume plummeted by more than 25% to $1,681,978,961.
A decisive closing below the January 18 lows of $74.03 would, on the other hand, risk a drop to $68.00.