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Luna Price Analysis: Bulls strongly defended LUNA/USD from breaking below $27.00

ATOM USD price analysis

TL;DR Breakdown

  • Today’s Luna price analysis is bearish after a 5.85 percent drop
  • LUNA/USD traded within a daily range of $26.53 – $28.385. 
  • Luna’s price action has witnessed bullish patterns in the last month

Today’s Luna price analysis is bearish after a 5.85 percent retracement to the $28.39 region. Luna found rejection at $29.834 and underwent a swing low to $26.539 following strong seller pressures. We are expecting further downswings on the daily Luna price chart as sellers increase their pull-back pressure to counter any significant surges. 

Luna price movement in the last 24 -hours: Low volatility? 

According to our Luna price analysis, LUNA/USD traded within a daily range of $26.53 – $28.385. Such a tight range suggesting low volatility across the daily chart. We are expecting further downswings on the daily Luna price chart as sellers increase their pull-back pressure to counter any significant surges. 

4-hour Luna Price Analysis: Bulls aim for $30

On the 4-hour Luna price analysis, LUNA/USD is correcting upwards after striking long green candlesticks and is headed for another daily high. The RSI is indicating a bullish advantage and points towards the overbought region.  There is strong support for the 4-hour duration at $27.650, at which point the bulls have rejected further downsides. 

Luna’s price action has witnessed bullish patterns in the last month. This was after the coin underwent a rapid 70 percent rally between June and August. With the bulls persistent to test the $30 mark. 

Luna Price Analysis: Bulls strongly defended LUNA/USD from breaking below $27.00 1
Source: Tradingview

Bears are working to counter any significant gains that could steer Luna’s price above $30, nonetheless, the bulls are accumulating more volumes to consolidate above this point. 

Bullish developments did result in a higher rally due to increasing trading volumes which saw the price hit near the $30 region. Meanwhile, the bears came in and caused a 5.85 percent retracement. The bulls are likely to set a new high today if they are able to counter the current bearish trend. On the contrary, the bears are working against time and could crash the $23 support if sellers keep showing up.

Luna price analysis conclusion

Luna price analysis is bearish as a strong downswing was seen yesterday, and the market price currently trades just near the $28.4 previous high. Therefore, we expect LUNA/USD to retrace lower later today and target the $25 mark next.While waiting for LUNA/USD to move further, read our articles on Decentralized Exchanges,   Bitcoin Futures as well as NFT Marketplace.

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

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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