- LUNA price outlook shows price explored the lows of $84.86 within the past day.
- The alt seems ready to hit the support at $84 beneath critical MAs.
- Further downswings might launch a bearish move to $70.
Terra price unveils a bearish picture today. That’s after LUNA extended the downward journey initiated on 15 March. The past 24 hours saw LUNA dropping towards the lows of $84.86 and appears ready to touch the support floor at $84. Also, Terra’s trading volume declined by over 34%, whereas the market cap lost more than 2%. Bears appear committed to keeping the token under the vital MAs around $84, and they might push further to $70 if buyers fail to join the market.
The overall crypto spectrum flashed mixed outcomes. Top alts consolidated while BTC plunged to $40.5K from yesterday’s peak of $41K. Ethereum climbed towards $2.8K, whereas XRP’s slight uptick took it to $0.79. Cardano and Dogecoin plummeted to $0.83 and $0.11, respectively. Meanwhile, AVAX led the day’s gainers with a nearly 7% jump to $79.72. Polkadot and Solana dropped slightly to $18.58 and $86.61, respectively.
LUNA Price Analysis: Bears Dominate Daily Chart
Terra’s 24hr candle chart shows the alt printing a descending setup as LUNA records downswings. For now, the token stays beyond the support of $86.10, but bears might ensure further declines to $70. The 25-day EMA remains inside the $87.44 price range, and LUNA might eye this area in the coming 24 hours. However, the previous 24 hours had the market valuation declining severely, as the Relative Strength Index swayed at 53.77.
The Moving Average Convergence Divergence shows LUNA’s persistence downtrends. The chart highlights a bearish cross from 15 March, and the MACD increases its distance from the neutral region.
Nevertheless, the 4hr candle chart and EMAs reveal a bullish sign. LUNA has to overcome the 100-day exponential moving average of around $86.1 for bullishness. Morning sessions saw the 50-day exponential moving average narrowing to the 100-dayEMA, weighing on the alt. Now, LUNA breaking out from 100-day exponential moving average plus a move past 50-dayEMA at $89.10 might see the alt returning to $100 and explore its ATHs around $104.84.
