LUNA Needs To Hold Onto This Key Support

On Apr 18, 2023

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Terra Luna price is trading just above a crucial support level at $1.39 after dropping 0.39% over the last 24 hours. The token is up 5.3% in one week and trades 10.59% above its January 1 opening. With a live market cap of $354 million, LUNA is positioned at #111 according to the CoinMarketCap ranking.

Note that Terra LUNA’s daily trading volume was dropping and had declined 16% over the last 24 hours. This pointed to decreasing investor interest in the token and those who hold it may now opt to sell it. Are the LUNA bulls strong enough to abate the sell-off?

Terra LUNA Price Needs To Defend The Support Provided By The 50-day SMA

The daily chart below shows that Terra Luna was trading at the 50-day SMA as bulls struggled to rise above it. If they succeed, it would signal the ability of the buyers to defend the said support level.

Therefore, the ensuing buying pressure could bolster LUNA higher to confront resistance from the $1.60 psychological level. Additional barriers could emerge from the 100-day SMA at $1.66 and the 200-day SMA at $1.77. Higher than that, the token may rise to revisit the $2,14 resistance zone.

LUNA/USD Daily Chart

This positive outlook was supported by the upward movement of the Moving Average Convergence Divergence (MACD) indicator. Note that this trend-following indicator had just crossed the zero line into the positive region with the call to buy LUNA which was sent in min-March still in play. This suggested that the market conditions still favored the upside.

Additionally, the Relative Strength Index had begun tipping upward. Its value at 52 suggested that there were more buyers than sellers in the market, adding credence to the bullish narrative.

On the downside, a daily candlestick close below the 50-day SMA at $1.38 would signal the inability of the buyers to sustain LUNA above this significant level. Such a move would see the Terra Luna price turn down from the current levels with the first line of defense emerging from the $1.32 support level.

A drop lower could see the bulls retreat to seek solace from the $1.24 major support level. Market participants could expect the Terra Luna price to take a breather here before making another attempt at recovery.

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