LUNA Technical Analysis: Uptrend Withstands The Bearish Attack; Soon To Reach $75

The LUNA coin price action shows a lower price rejection of almost 20% before rising another 10% within a day, projecting a solid bullish sentiment. After breaking the triangle pattern in the daily chart, the LUNA coin price struggles to rise above the merged 50 and 100-day EMAs. However, last night the lower price rejection from the 200-day EMA propelled the price above the merged EMAs and helped avoid a bearish crossover. This sudden jump comes with the news that the Luna foundation group raises $1 Billion as a Bitcoin reserve in a private sale to safeguard Terra’s stablecoin, UST. Hence, the rally may soon reach $75, which begs the question, will the uptrend continue above $75? Key technical points: LUNA coin price breaks the $65 mark. The price chart shows the 50 and 100-day avoiding a bearish crossover. The 24-hour trading volume in the Terra token is $5.91 Billion, indicating a 58% rise. Past Performance of LUNA The LUNA token price jumps 21.06% overnight, resulting in a bullish engulfing candlestick with a tail touching the 200-day EMA. Hence, as we mentioned in our previous article, the uptrend may shortly reach the upcoming resistance of $75. The triangle breakout accounts for a 36% jump ranging from the support trendline, indicating growth in underlying bullishness. Source-Tradingview LUNA Technical Analysis The LUNA coin price shows the possibility of a bullish continuation to the next bearish bunker at $75. However...