Luna breaks out of June stalemate and is strongly defending support at $7.96

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The crypto-currency market has been getting hammered recently, and the carnage is expected to continue. The main culprit? The Bitcoin Cash hard fork that saw the creation of a new currency called Bitcoin Cash ABC , which immediately surged in value. This hard fork has been followed by a series of other forks, each attempting to split the Bitcoin blockchain into new copies. The resulting confusion and the resulting volatility have resulted in a stalled market.

Luna, which is the basis for the Monero cryptocurrency, has been gaining traction in the last few months and it is currently worth over $700 per coin. This is a big jump compared to its low at the start of July when it was worth just over $50. However, it is still only worth $35 per coin, which is still lower than its all-time high of $44.57. This is a big setback considering that this coin has been steadily gaining traction in the last 6 months, increasing by over $1 per day.

TL;DR Breakdown

  • The relative strength index is pointing towards the overbought region
  • Luna has retreated into the 20-day exponential moving average
  • At the time of writing, Luna is trading at $7.96

Luna Price Analysis: General price overview

Luna did not have a good early morning start, but various technicals in favor of the coin pointed towards excess demand oversupply. The relative strength index points towards the overbought region and has been the case over the 2-day chart. Meanwhile, the coin was able to break out of a bearish trend line between $7 and $3 that started on May 30th. Currently, Luna is trading within the $8 price mark and has been attempting to wage demand support from the broader market for the better part of the weekend. As of the writing of this, the bulls have managed to hold the price intact and prevent any breakdowns to the $7.96 resistance turned support.

The opening price on the 24-hour chart stands at $8.395, with an uptight daily range between an intraday low of $8.100 – $8.570. The bears are exerting selling pressure to stall the uptrend at $8.00; their success could open the gate for further losses into the $7.5 region. However, it is not rational at the moment to anticipate a downswing given the high demand for Luna. In fact, it’s among the top 5 high-performing altcoins of the week, alongside BTC, CAKE, FTT, and ATOM.

Luna price movement in the last 24 hours

Luna has retreated into the 20-day exponential moving average, which is also the first primary support at $7.96. Around this region is a major trendline favoring a downswing that could have Luna correct below $7.5. The overhead target is $8.75, which the bears are desperately attempting to stall since it marks a gateway to fresh swing highs to the $10 and $12 levels. If the bulls can break out the target, the two higher highs are most likely to take place in the next 48 hours. The Bollinger bands, daily range, and the market choppiness index are moderately disbanded to suggest low volatility. Luna’s price has dropped below the Bollinger band mid-line and has the bulls firmly putting up a fight to defend the 20-day EMA.

Source: TradingView

Luna breaks out of June stalemate and is strongly defending support at $7.96

Luna price analysis conclusion: What to expect from Luna

At the time of writing, Luna is trading at $7.96. According to the daily Luna price analysis, the coin’s market is lying within the neutral zone in the current timeframe, but the bulls are more likely to take over; if they are able to defend the current support.

Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We will most likely strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

About the author

Emilia James
By Emilia James

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