LUNA Technical Analysis: Buyers Withhold $75 Barrier

LUNA coin price experiences a sudden increase in buying pressure near the $75 outpost resulting in a downtrend reversal with a 9% bullish candle. Key technical points: The RSI indicator shows a bearish divergence. The LUNA coin price sustains above the 100-day EMA. Finally, the 24-hour trading volume of Terra is $2.34 Billion, marking a 190% rise. Past Performance of LUNA LUNA coin price fell by 34% within a fortnight after forming a morning star pattern near the $120 level. The downfall cracks under multiple support levels and the 50 and 100-day EMAs before finding support at the $75 mark. The buyers stepping in at the support zone pushed the price higher by 9% resulting in a bullish engulfing candlestick. Source-Tradingview LUNA Technical Analysis LUNA coin price action forms a bullish engulfing candlestick after a short-period downfall from the $120 mark. Hence, the possibilities are inclined to a trend reversal teasing a potential price jump in the upcoming week. The crucial daily EMAs (50, 100, and 200) maintain a bullish alignment as the price resurfaces above the 100-day EMA. However, the minor retracement in the 50-day EMA can provide resistance to the reversing trend. RSI Indicator: The RSI slope displays a sharp increase in buying pressure as it spikes higher in the nearly oversold zone, almost reaching the halfway mark. Therefore, the indicator reflects a high possibility of an upside reversal. However, the signific...