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LUNA PRICE ANALYSIS:- Successful launch of Columbus, is the trend going to be bullish?

  • The trading volume of Terra in the last 24hr at the time of writing this article is -27.19%
  • The price of LUNA/BTC and LUNA/ETH at the time of writing this article is 0.0009027BTC and 0.01315ETH respectively 
  • Successful launch of Columbus-5 making the LUNA Bullish.

LONG TERM VIEW:- 

The Columbus-5 launches on the Terra without the hitch as now the Luna is now knocking at the top 10 crypto door and will push the doge out. As the Columbus-5 provides an updated its economics and cross-chain compatibility with onboarding other projects via “TeFi”. Let’s have a look at the technical indicator as the price has broken the resistance level of $43.76 and we can the MACD is showing green candles as the MACD line is above the Signal line, we can see that there is no sign of the change in the direction of the MACD line and signal line. In addition to that we can see that the RSI is in the neutral zone near the 61 and we can see that the RSI is pointing towards the oversold zone (30). Lastly we can see the Moving average as the 20MA,50MA,100MA is above the 200MA which is bullish and we can see that no change in the direction of the moving average. 

Tradingview

SHORT TERM VIEW:-

In the 4hr time interval we can see that the MACD is showing a red histogram as the MACD line is below the Signal line which is showing a bearish movement as the price is near the resistance. In addition to that RSI is in the neutral zone near the 56 mark and the RSI line is pointing towards the overbought line (70). Lastly we can see that the 20MA,50MA,100MA is above the 200MA which makes the trend bullish.  

Tradingview

CONCLUSION:-

Looking at the long term and Short term we can see that the price is going down towards the resistance.. As the successful launch of the Columbus we can see the price can change in the upcoming days. As the technical indicator the trend is bullish but the price is going down and might bounce back from the support if failed to do so the bears will drive the price down. 

RESISTANCE:-$50,$55

SUPPORT:-$43,$37