LUNA Technical Analysis: Sellers Line-Up for Terra, Soon to Reach $50

The extreme rise in selling pressure drives the LUNA coin price lower and may soon break the 100-day SMA to reach the $50 mark. Terra is an application used in blockchain technology that uses stablecoins paired with fiat. In order to power globally-based payment systems that are price-stable. Terra was launched at the beginning of January 2018 with the support of Daniel Shin and Do Kwon. The co-founders of the company aim to speed up the acceptance of blockchain technology with a focus on usability and the stability of prices. Let us move ahead to read about Terra’s technical analysis. Past Performance of LUNA LUNA coin price shows a decline of more than 15% in the past 24 hours resulting in the fallout of $75. Moreover, the free fall creates a huge bearish engulfing candlestick in the daily chart. It breaks below the 0.382 Fibonacci level and heads lower to the 0.5 Fibonacci level. LUNA/USD Daily Chart LUNA Technical Analysis The LUNA coin price decreased by 25% in the past week, resulting in a high momentum short-term downtrend. With the 180% jump in the intraday trading volume, the selling pressure is on the next level. The 20 and 50-day Simple Moving Averages give a bearish crossover in the daily chart. Meanwhile, the 100-day SMA provides support to falling prices. The 200-day SMA stands strong at $44 if the 100-day SMA collapses. The MACD indicator finally gives a bearish crossover after the merger of the MACD and signal ...