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Terra Price Analysis: LUNA Coin Attempts To Break Out From Its Symmetrical Triangle Pattern

  • LUNA coin shows strong reversal candles near the resistance trendline, suggesting the continuation of the symmetrical triangle pattern
  • The LUNA/BTC pair was trading at 0.00000199BTC with a gain of 11.29%
  • The 24 hr volume LUNA coin is 308.9 Million
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The LUNA coin price showcases an attempt to break out from its symmetrical triangle pattern in the daily time frame. The current price for this coin is $6.89, with an intraday gain of 5.44%. Thus, all we need from price is to show sustainability above this level, opening an amazing opportunity for LUNA investors.

About the EMA’s, the LUNA coin is trading below the critical EMA’s, 50, 100, and 200, as the price is still in its bearish phase, and thus these EMA lines should not be neglected as they will act as good resistance levels in the later period. Currently, the price is getting good resistance from the 50 EMA as it was trying to break from the above pattern. 

The RSI (BULLISH) value is at 57, which shows the increasing bull strength in the market.  

LUNA Coin Currently In Its Retest Phase Of The Symmetrical Triangle.

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The LUNA coin price is currently retesting the same declining trendline for valid support before starting its rally. However, the current retest phase in the coin will prove if this breakout is valid and provide a safe and better entry point for market participants. 

The MACD indicator(BULLISH)  shows both the MACD and the signal line are moving above the neutral zone after giving a bullish crossover indicating a bullish momentum in the market. The histogram also shows rising green bars supporting the bullish sentiment.

Conclusion: From the technical perspective, the LUNA coin has finally given a strong breakout from a symmetrical triangle pattern providing a great opportunity for traders interested in LUNA coin. Thus, investors can use this retest opportunity for an early entry point or wait for the price to give a follow-through to get a safer entry into the market.

Support: $6.7, $6

Resistance: $8