Cryptocurrency News & Updates

LUNA Price Dumps Near $100, This Indicator Suggests the Rally Isn’t Done Yet

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As LUNA stops its run near $100, this signification indicates that the rally isn’t done yet.

Based on CoinGecko information, LUNA is the native token used in smart contracts blockchain Terra has increased by more than 50% over the past seven days, and 124.2 percent over the last 30 days. LUNA has since surpassed record levels at $98.20 in the week of Dec. 22 and extended its winning streak, while also decoupling with the overall trend of other altcoins.

The token burning along with the new integrations, and listing has helped Terra LUNA fundamentals. The company announced in October that Terra made public the plan to use proposal 44 for burning 90 million tokens in the pool of community.

After registering eight consecutive days of gains, since December. 13. The bulls were unable to not sustain the upward momentum over $100. Terra fell to lows at $84.27 at the end of December. 22. LUNA is gaining momentum and is trading at its current cost of $94.10. LUNA is up by 18,000 percent this year, as per CoinGecko information.

This indicates that the rally isn’t over yet.

The soaring rallies in Terra LUNA often translate into an exuberance that is characterized by a blow-off top. However, LUNA’s market has none of these signs in the RSI indicator.

Relative strength Index (RSI) is an indicator of momentum that gauges the intensity of price changes in the last few days to assess overbought and oversold prices of an asset.

TradingView

LUNA/USD 1-Hour Chart, Source: TradingView

On the hourly chart of LUNA the measure of relative strength (RSI) is well over its neutral 50 level with the potential for increase, indicating a continued upwards trend into the overbought area of 70 and higher. As long as bulls maintain the support, the move is likely to be fairly quick. It is likely that an upward move over the most recent $98.20 highest to happen earlier rather than later.

The LUNA price picked up momentum after establishing an impressive foothold on the resistance of $84.19 at the end of December. 23. This allowed in allowing the hourly RSI to rise above the 50 neutral level towards positive territory.

Terra has a current price of $94.10 and a 24 hour volume of $4,417405,816, as reported on CoinGecko. Over the last day, value of LUNA has increased by 2.4 percent. There are around 370 million LUNA coins in circulation , and an overall supply that is 840 million.

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