- Bullishness over the past day had LUNA surging 18.6%, ending the day near $91.35.
- Bitcoin return to $41K ensured support as LFG extended their BTC buy spree.
- Technical indicators flash bearish as LUNA stays beneath the 100-day Exponential Moving Average.
Monday sessions had LUNA reversing the Sunday 4.1% drop with an 18.6% surge, end8ng the day near the $91.35 highs. The upward support emerged as the overall crypto market mood improved amid Bitcoin’s return to the $41K value zone. Nevertheless, LUNA could not hike towards the 8 April peaks under the $100 mark.
BTC Surge Offer LUNA a Breather amid Bearish Markets
Monday trading sessions saw BTC surging 2.81% to close the day around the $40,822 level. The recovery wave from the $39,000 mark to the $41,128 triggered a LUNA price breakout. While publishing this content, LFG (Luna Foundation Guard) ranked 18th as far as BTC holdings are concerned. LFG’s Monday BTC purchases pushed its wallet balance to 42,531 $BTC.
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Though Bitcoin secured support over the past day, downward risks persist as indicators suggest another impending drop. Such a move could see LUNA deteriorating.
Terra Price Action
While publishing this blog, LUNA explored $ 89.66-morning lows following a 1. 85% drop. Avoiding the pivot at $86.27 is crucial for a surge towards the initial massive resistance zone at $96.43 However, LUNA requires broad market support to push through the $91.35 Monday highs. Extended upticks would see Terra’s alt testing the 2nd crucial resistance zone at $101.5. The 3rd hurdle for LUNA would emerge at $116.7.
However, plummets from the pivot would have LUNA at the first dependable support of $81.2. Without stretched downtrends, the alt should keep sub-$80 levels away. Weakness would mean the crypto exploring the 2nd massive foothold at $71.0.
The EMAs and the 4hr candle chart reveals bearish signs. For now, LUNA hovers under the 200-dayEMA at $91.4 and 100-day Exponential Moving Average at $90.2. Tuesday morning saw the 50-dayEMA narrowing to the 100-dayEMA. However, the 100-dayEMA drifted from the 200-day Exponential Moving Average, a bearish sign. A move past 100-day EMA and 200-day EMA would see LUNA hitting $100.
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