LUNA price extends the previous session’s gains on Monday. The price manages to rebound from the lows around $75.0 and oscillates around a strong resistance. To manage the uptrend the price must stay above $80.0.
- LUNA price started the new trading session on a higher note.
- Investors can expect LUNA to continue to move higher and to retest the daily supply zone extending from $90.0 to $100.0
- A breakdown below $75.0 would invalidate the bullish outlook on the asset.
As of press time, LUNA/USD is trading at $83.87 $39, up 2.03% for the day. The eight-largest cryptocurrency by the market cap is holding at $1,791,671,980.
LUNA price turns upside
LUNA’s price has been trading in a short-term trading range of $60 and $100.0 since December 26. However, the range broke briefly on January 27, when the LUNA price touched the low of $43.48. The ascending trend line from the mentioned level acts as the support for the bulls. LUNA surged nearly 60% to touch the record high of around $119.40.
However, the bulls failed to sustain the momentum and retraced quickly to the swing lows around $76. The downside remains intact as the price still trades under the 50-day EMA (Exponential Moving Average) at $88.89.
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A sustained buying pressure will push the price toward a higher level at least in the short term. In the past two sessions, LUNA has gained almost 11%. A daily close above $85 would bring $90.0 into play. In addition to that, investors would pull up their sleeves to catch the horizontal resistance level around $100.0.
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The Relative Strength Index (RSI) makes double bottom around 37 and attempts to pierce the average line.
On the other hand, a decisive break below $75.0 will trigger a fresh round of selling in the asset. In that case, the sellers would keep their eyes on $70.
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