LUNA might possibly possibly expertise a transient correction sooner than advancing to contemporary all-time highs.
Key Takeaways
- LUNA’s label has risen by more than 100% within the past 10 days.
- Consumers might possibly possibly now receive earnings as suggested by the technicals.
- A spike in promoting stress might possibly possibly gaze costs dive in opposition to $77.
Terra’s native token LUNA has loved fundamental positive aspects all the scheme in which via the final 10 days, outperforming noteworthy of the crypto market. Now, it appears to be like to be preparing for a transient correction sooner than costs head better.
LUNA Is Primed for a Short Correction
LUNA appears to be like to make certain for a transient correction after doubling in label, with more than 106% positive aspects since Feb. 20.
The altcoin appears to be like to be overbought, and latest label motion suggests that a spike in profit-taking is shut at hand. As such, LUNA’s label might possibly possibly descend sooner than it resumes its uptrend.
In step with the technicals, a momentary pessimistic outlook appears drawing near. The Tom DeMark (TD) Sequential indicator offers a sell signal on LUNA’s day-to-day chart. A bearish formation has developed within the receive of a inexperienced nine candlestick; if validated, LUNA might possibly possibly retrace for one to four day-to-day candlesticks unless it finds actual crimson meat up.
The Fibonacci retracement indicator, measured from Jan. 31’s low at $43.40 to Mar. 2’s excessive at $97.40, suggests that the prospective label correction might possibly possibly prolong to $77 if LUNA prints a day-to-day shut below $86. This indispensable crimson meat up stage might possibly possibly also very neatly be solid sufficient to discontinue extra losses and assist as a route for sidelined investors to re-enter the market by procuring the altcoin.
Furthermore, market contributors might possibly possibly also unbiased expertise “FOMO” if LUNA closes above its latest excessive of $97.40. Breaching this severe resistance stage might possibly possibly elevate procuring for stress within the abet of the asset, pushing costs into contemporary all-time highs. LUNA might possibly possibly then gather resistance as it approaches costs of $112 to $120.
LUNA is at the moment the seventh-ideal cryptocurrency with a market capitalization of around $33.2 billion.
Disclosure: On the time of writing, the author of this piece owned BTC and ETH.
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