LUNA Price Challenges 0.23% Fibonacci Retracement; Keep Eyes On $120

LUNA’s price continues to extend gains after slipping below a crucial support level on February 17. However, the price faces strong resistance near $97.90. Still, the underlying bullish sentiment could keep up the pace of gains intact in the asset.

LUNA price edges higher challenging the upside resistance barrier near $99.0.
Investors can expect LUNA to continue with the gains and retest the all-time highs near $120.
However, a breakdown of the $90.0 support level will ignore the bullish theory.

As of writing, LUNA/USD is exchanging hands at $97.49, up 2.86% for the day. The 24-hour trading volume of the eight-largest cryptocurrency is holding at $2,177,736,684.

LUNA price set to move higher

On the daily chart, the LUNA price retraced 45% after testing record highs at $119.44 on April 5. The price after briefly falling below the 0.5% Fibonacci retracement level, which is extending from the lows of $43.87 bounced back to revisit the highs of $99.48.

Now, a daily close above the 0.23% Fibonacci retracement level would push the price higher to recapture the all-time highs near $120.0.

On the flip side, a break below the session’s low would neglect the bullish arguments for the price. In this scenario, the sellers would drag LUNA to the lows of Tuesday at $88.56.

In addition to that, a sustained selling pressure would open the gates for the psychological $0.80 level.

LUNA faces rejection near the horizontal zone extending from $97.0 to $103. Thus, making it a crucial level to trade. The buyers must cross the range with above-average volumes to sustain further gains.

Technical indicators:

MACD: The moving average convergence divergence attempt to cross above the central line.

RSI: The relative strength index stays in the positive zone while reading at 54.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.