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Luna Price Analysis: LUNA Surges 15% in a Day but Can Bulls Keep Going?

Luna touched the key support and then quickly rallied in the past two days, gaining around 15% in less than 24 hours.

Key Support level: $48 

Key Resistance level: $64, $79

The positive market sentiment is well reflected by Luna’s price, which rallied after touching the key support at $48. The cryptocurrency has skyrocketed towards $60 and does not look ready to stop until the key resistance at $64. If Luna is able to move above that level, then the next resistance is found at $79.

LUNAUSDT_2022-02-23_15-22-14
Chart by TradingView

Technical Indicators

Trading Volume: The buying volume in the past two days was good, and this supports the price increase. This is bullish.

RSI: The RSI is above 50 points and moves higher. It also managed to make a higher high which is another bullish indicator.

MACD: The daily MACD has turned around after some hesitation, as shown by the histogram. Momentum on the buy-side appears to intensify. Let’s see how price reacts at the key resistance.

Chart by TradingView

Bias

The bias on Luna is bullish in the short term.

Short-Term Prediction for Luna Price

While this price action brings optimism, there are two key resistance levels that, if not broken, may lead to a lower high on the macro picture. Therefore, Luna needs to move above $64 and $79 to remain bullish. Otherwise, the price may resume its downtrend after making a lower high.




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