Terra (LUNA) bouncing off key support badly, what next?

Terra (LUNA) touched a key support level and then rallied quickly over the past two days, gaining about 15% in less than 24 hours.

• Major support level: $48
• Key Resistance: $64, $79

Market sentiment around LUNA turned positive after hitting the key support at $48.

The cryptocurrency has surged towards $60 and looks like it won’t stop until it hits the key resistance at $64. If LUNA can surpass this level, the next resistance is found there for $79.

Daily LUNA/USDT Chart | Source: TradingView

Technical indicators

Trading Volume: The buying power has been quite good for the last two days and this supports the upward movement.

RSI: The RSI has crossed 50 and is moving higher. It also manages to make higher highs, which is another bullish indicator.

MACD: The daily MACD has turned bullish after some hesitation as its histogram shows. Buyer momentum appears to be picking up. Let’s see how the price reacts at the key resistance level.

Daily LUNA/USDT Chart | Source: TradingView

Perspectives

While this price action offers optimism, there are two key resistance levels for the bulls to clear. If it cannot be crossed, it could result in a lower spike on the macro image. Therefore, LUNA needs to scale above $64 and $79 to sustain the uptrend. Otherwise, the price might resume the downtrend after making a lower high.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page