Terra (LUNA) Price Prediction – May 12
Previously, before the May 5th session that marked the start of the major economic downing in most of the crypto business operations, Luna is down-turning aggressively. Presently, price has declined so heavily to trade around $0.041 at a negative percentage rate of 96.12.
Resistance levels: $20, $40, $60
Support levels: $0.01, $0.0075, $0.005
PHL/USD – Daily Chart
The daily chart showcases the Luna market is down-turning aggressively after it broke the lower range line in about a couple of days’ sessions. Formerly, variant trading candlesticks featured in the range-bound zones of $120 and $80 points. The 50-day SMA indicator lies flatly to the east direction as the 14-day SMA indicator slightly intercepted it to the downside. The stochastic Oscillators are in the oversold region, moving in a consolidation manner to denote that downward forces are ongoing.
Is it still worthy of shorting the LUNA market at the current lower trading level?
It currently does not appears technically ideal to continue to launch more shorting positions at this level of the LUNA market against the US Dollar. Despite the trading outlook maintaining a perfect bearish condition as the crypto-economic price is down-turning aggressively, it strongly suggests the possibility of getting a rebound in no time. The moment there is an emergence of a bullish candlestick from a lower-trading zone, it would be the signal point for the crypto economy to regain its lively momentum against the US coin afterward.
On the downside of the technical analysis, the LUNA/USD market has dropped to around its 2021 July lowest starting point and, yet running a bearish outlook until the present to that effect. The situation portends a dicey signal as to whether there’ll be more loss of momentum at that particular point or not. But, short-position takers are advised to stay off launching new positions at this point to avoid unnecessary whipsawed in no time.
LUNA/BTC Price Analysis
In comparison, the LUNA market is largely under selling pressure, pairing with Bitcoin. The cryptocurrency pair price is down-turning aggressively underneath the trend lines of the SMAs. The price analysis chart also reveals range-bound lines to showcase the pairing instruments featured initially within it. Currently, price is trading below the range spot. The 50-day SMA has been intercepted to the downside by the 14-day SMA. The Stochastic Oscillators are in the oversold region, consolidating in it.
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