{"id":211228,"date":"2022-01-06T14:30:14","date_gmt":"2022-01-06T09:00:14","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=211228"},"modified":"2022-01-06T12:24:12","modified_gmt":"2022-01-06T06:54:12","slug":"luna-is-approaching-a-key-level-but-can-buyers-defend-it","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/luna-is-approaching-a-key-level-but-can-buyers-defend-it\/","title":{"rendered":"LUNA is approaching a key level, but can buyers defend it"},"content":{"rendered":"

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice<\/em><\/p>\n

Bitcoin and the market as a whole saw massive liquidations<\/a> in recent hours as Bitcoin wicked toward its December lows around the $42.5k-area in the hours prior to press time.<\/p>\n

Terra\u00a0has faced strong selling pressure since the $94-level. The $75-level could see Terra buyers in the market once more, but would it lead to a temporary bounce or can it usher in recovery for Terra and an ascent back towards $90?<\/p>\n

LUNA- 1-hour chart<\/h4>\n
\"\"<\/a>
Source: LUNA\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

The Fibonacci retracement levels for the near-term LUNA drop from $103.6 to $81.1 was plotted (white). It showed a 27.2% extension level at $74.99. This extension level generally sees some reaction from the price, so a bounce could occur.<\/p>\n

This area also lined up with LUNA’s highs in early December. Hence, this move down for LUNA can also be considered as a higher timeframe retest of a previous supply area to search for demand.<\/p>\n

This confluence makes it likely for LUNA to see a bounce, but there is some resistance around the $78-area.<\/p>\n

Rationale<\/h4>\n
\"\"<\/a>
Source: LUNA\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

The price made a lower low (candle close) while the RSI made a higher low. This bullish divergence, along with the support level confluence, could see LUNA bounce a small way upwards to hit $78.2. But, $78.2 could see selling pressure renew, especially if Bitcoin also heads lower on the charts.<\/p>\n

The Stochastic RSI was near the oversold level and the RSI was oversold on the hourly chart. Therefore, a minor bounce could occur, but the $78-$80 area is likely to have large sell orders.<\/p>\n

Conclusion<\/h4>\n

Terra has been one of the strongest altcoins in recent months but has pulled back sharply since its $103-highs. A further pullback cannot be ruled out. On lower timeframes, the sentiment was fearful and bearish due to the sell-off in recent hours.<\/p>\n

Until Bitcoin can climb back above $45k, it would be risky to venture into long positions on altcoins. While $75 is a strong level of support, attempting to time the exact local bottom for LUNA would likely only be a frustrating exercise.<\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Bitcoin and the market as a whole saw massive liquidations in recent hours as Bitcoin wicked toward its December lows around the $42.5k-area in the hours prior to press time. Terra\u00a0has faced strong sellingContinue reading “LUNA is approaching a key level, but can buyers defend it”<\/span><\/a><\/p>\n","protected":false},"author":57,"featured_media":211230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[2104],"class_list":["post-211228","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view","tag-luna-price-prediction"],"acf":[],"yoast_head":"\nLUNA is approaching a key level, but can buyers defend it - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin and the market as a whole saw massive liquidations and Terra has faced strong selling pressure since the $94 level which can continue\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/luna-is-approaching-a-key-level-but-can-buyers-defend-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LUNA is approaching a key level, but can buyers defend it - 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