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Cryptoknowmics 2022-05-09 11:08:32

LUNA Technical Analysis: Sellers Keep Grinding LUNA Prices

LUNA prices show a solid bearish trend in action as the market value is down by 30% in the last week. Should you expect a fall to $50? Key technical points: The LUNA price breaks under the 200-day EMA. The 50 and 100-day EMAs prepare for a bearish breakout. The 24-hour trading volume of Terra is $4.68 Billion, indicating a 16.85% rise. Past Performance of LUNA LUNA prices showcase a downtrend under the influence of a highly bearish trendline driving the prices under the 200-day EMA. The downtrend cracks approach the $60 level as the selling pressure increases significantly last week. Source-Tradingview LUNA Technical Analysis The downfall in LUNA prices creates six consecutive bearish candles, projecting higher price rejection with long wick formations, teasing a potential fall under $60. Therefore, traders can find selling opportunities shortly with a closing below the support zone. The EMAs maintain a bullish alignment but the market value is below the 200 EMA with a significant bearish influence on all the EMAs. Moreover, the 50 and 100 EMA are eager for a bearish crossover. The RSI slope reaches the oversold boundary after failing to cross above the 14-day average line and the halfway line. Hence, with the decreasing RSI value with a downtrend in the 14-day SMA, the indicator displays a sell signal. The MACD indicator shows a bearish continuation of fast and slow lines under the negative territory with a remarkable increas...

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