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Luna Price Analysis: LUNA Challenges ATH Following 22% Price Explosion in a Day

Date:

Key Support level: $80

Key Resistance level: $104, $120

Luna entered a strong rally after touching the key support at $80 and reached $100 today. Since then, there was a short pullback, but Luna is well-positioned to challenge the current all-time high at $104. The market momentum favors bulls, and Luna may set a new record soon.

LUNAUSDT_2022-03-09_16-26-511
Chart by TradingView

Technical Indicators

Trading Volume: The buying volume increased as the price went up today, which is a strong bullish signal.

RSI: The RSI is closing the overbought region at 70 points. The indicator is likely to move even higher if Luna sets a new all-time high.

MACD: The daily MACD is giving positive signals, and the moving averages are expanding. The resilience from bulls will likely be tested soon by the key resistance.

LUNAUSDT_2022-03-09_16-27-222

Chart by TradingView

Bias

The current bias on Luna is bullish.

Short-Term Prediction for Luna Price

If the cryptocurrency manages to set a new record and turn the $100 level into support, then its price is likely to move higher. The resistance level at $120 would be the next target.

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