Terra’s (Luna) price trades significantly higher on Wednesday touching three-month highs. Luna outperformed all major cryptocurrencies with more than 14% gains. BTC surged 9% while ETH gained 7%. The bullish sentiment in the broader crypto market is expected to continue as the market is still technically in the oversold zone.
- LUNA price trades at record levels in 2022 on Wednesday.
- Expect new all-time highs if the buying continues.
- LUNA comfortably sits above critical 50-day and 100-day EMA.
LUNA price to set new record highs
LUNA price is heading higher with remarkable gains, and looking forward to surpassing the psychological $100.0 level.
Further, the current price action is under the formation of the ‘Three white soldiers’ pattern, which is a bullish formation. As price already breaks the critical resistance level placed at $92.0.
A decisive close above the session’s high will bring December highs of $103.68 in play.
Investors will seek more buying opportunity as the buying momentum sustain toward record highs at 110.0
LUNA price moves along with the ascending trend line from the lows of $47.34, listing more than 85% gains so far.
Technical indicators:
RSI: The daily Relative Strength Index is pierced above the average line with a positive bias. Currently, it reads at 67.
MACD: The Moving Average Convergence Divergence is continuously scalping higher above the midline. The bullish momentum is picking up after the recent pullback once again.
On the flip side, as mentioned $92.0 remains a crucial level to trade. If the price fails to maintain the level then it could fall sharply toward the horizontal support line at $80.0. This will also coincide with the break of the bullish trend line.
Moving further down, traders can collect supply-side liquidity at $70.0.
As of publication time, LUNA/USD is trading at $98.91, up 15.66% for the day. The seventh-largest cryptocurrency by market cap holds a 24-hour trading volume at $5,135,533,924.
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