Technical Analysis for LUNUSD for 12th April 2022
Terra breaks below a multi-week support level, LUNA traders target $75
Past Performance of Terra
Terra is cooling off at spot rates as per the candlestick arrangement in the daily chart. After sharp gains that saw LUNA glide to as high as $120, prices are now dropping from 2022 highs. Considering the pace of the recent sell-off, the coin may drop even lower in the days ahead unless there is a sharp reversal from spot levels, unwinding worrying losses.
Terra LUNA Technical Analysis
The LUNA coin is within a bear breakout formation, sliding below the middle BB and confirming sellers of April 8. In all, sellers are firmly in control. Based on the LUNA candlestick arrangement, traders may search for unloading opportunities on every pullback towards $100 and the middle BB as Terra cools off, retracing from 2022 highs. Considering the strong sell-off and the break below the 20-day moving average, LUNA may drop to the 78.6 percent Fibonacci retracement level of the Q1 2022 trade range, retesting $60. This preview will especially be the case once there is a sharp break below $75—the immediate support line coinciding with the 50 percent Fibonacci level of the same trade range.
What to Expect from Terra
LUNA is bearish and may continue printing lower if bulls fail to reverse April 11 losses. A close below $75 may fast-track the correction back to crucial trade levels of the Q1 2022 range.
Resistance level to watch: $90
Support level to watch: $75
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