LUNA price opens the new trading week on a higher note. The price opened lower but quickly recovered to the session’s highs. The current price action suggests more gains in the token.
- LUNA price trades higher with significant gains.
- More gains above the decisive close near $97.50 toward all-time highs.
- The recent consolidation in the price signals the continuation of the upside momentum.
LUNA consolidates for further gains
Source: Trading View
On the daily chart, the LUNA price continues to print gains. The formation of strong green candlestick hints at the strength in the bullish momentum for the price. After testing the record highs at $104.57, the token retraced back and tested the swing lows of $82.63. However, since then LUNA’s price surged nearly 18% in four days.
Now, the price is hovering near the three-week highs around $97.20. An acceptance above the mentioned level will set the upside directional bias for the asset.
Investors will ask for the record highs of $104.57 as the first upside target. Next, bulls would aim for new all-time highs near $110.0.
On the flip side, a shift in the bullish sentiment will invalidate the bullish outlook for LUNA price. On moving downside, the price seeks support around $85.0.
After an ascent of more than 100% from the lows of $47.37 bulls tested all-time highs. But, soon price enters into a consolidation phase. Generally, a consolidation preceded by an uptrend is a sign of the continuation of the upside trend.
As of writing, LUNA/USD is trading at $96.23, up 6.27% for the day. The seventh-largest cryptocurrency by market cap stands at $2,587,496110 with nearly 32% gains.
RSI: The daily Relative Strength Index pierced above the average line with a bullish bias. The current reading is at 60.
MACD: The Momentum Average Convergence Divergence holds above the average line. An uptick in the indicator would strengthen the upside outlook.
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