LUNA Coin has been showing a very decent uptrend in the last few days on its chart, even though broader sentiment in crypto appears to be waning. Although the coin did pull back from its support level of $54, a mini-rally looks like it could sustain its nearest resistance level, which is around $63. But there are also a few indicators that you should know about:
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The trading volume stands at $2.01 billion, more or less the same despite headwinds in the broader market
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A steady rally appears feasible from the chart and could charge towards all-time highs of $78
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LUNA has also flourished even though most coins have had severe corrections in recent weeks.
Data Source: Tradingview.com
LUNA Coin – Price Prediction
Several technical indicators may suggest that LUNA is actually on the up. First, the crucial Exponential Moving Averages (20, 50, 100, 200) appear to have a bullish alignment albeit the current price finds support around the 50-day Exponential Moving Average. We also looked at the Relative Strength Index, which currently stands at 56, an indication that a bullish recovery is on the cards.
Also, despite tumbling earlier, so far, LUNA has rallied 26% to hit $54.4. As long as the coin sustains this momentum, it’s very feasible that it could start testing the overhead resistance of around $77. This could eventually lead to a surge in pricing.
Should You Buy LUNA Coin?
Right now, LUNA appears to be a bit underpriced. Yes, we have seen a lot of coins lose some of the gains made early this year and a larger crypto correction could still continue till year-end.
So, during such volatility, it can be hard to gauge the real fundamentals of a coin. But based on technical analysis alone, LUNA offers a good opportunity for speculative short-term trading.