THELOGICALINDIAN - LUNA could acquaintance a abrupt alteration afore advancing to new alltime highs
Terra’s built-in badge LUNA has enjoyed cogent assets over the accomplished 10 days, outperforming abundant of the crypto market. Now, it appears to be advancing for a abrupt alteration afore prices arch higher.
LUNA Is Primed for a Brief Correction
LUNA seems to be apprenticed for a abrupt alteration afterwards acceleration in price, with added than 106% assets back Feb. 20.
The altcoin appears to be overbought, and contempo amount activity suggests that a fasten in profit-taking is abutting at hand. As such, LUNA’s amount could bead afore it resumes its uptrend.
Based on the technicals, a concise bleak angle seems imminent. The Tom DeMark (TD) Sequential indicator presents a advertise arresting on LUNA’s circadian chart. A bearish accumulation has developed in the anatomy of a blooming nine candlestick; if validated, LUNA could amend for one to four circadian candlesticks until it finds abiding support.
The Fibonacci retracement indicator, abstinent from Jan. 31’s low at $43.40 to Mar. 2’s aerial at $97.40, suggests that the abeyant amount alteration could extend to $77 if LUNA prints a circadian abutting beneath $86. This axiological abutment akin could be able abundant to anticipate added losses and serve as a avenue for alone investors to re-enter the bazaar by purchasing the altcoin.
Furthermore, bazaar participants may acquaintance “FOMO” if LUNA closes aloft its contempo aerial of $97.40. Breaching this analytical attrition akin could access affairs burden abaft the asset, blame prices into new best highs. LUNA could again acquisition attrition as it approaches prices of $112 to $120.
LUNA is currently the seventh-largest cryptocurrency with a bazaar assets of about $33.2 billion.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC and ETH.
