Key support levels: $ 55, $ 64,
Key resistance levels: $ 78
Luna’s rally came to a halt at the $78 resistance level. The fact that volume has been decreasing since then may give the bears an opening to take control of price, even if for a short period. The current key support levels are found at $64 and $55.
During the December 4 flash crash, the bulls had full control of the price in the $ 55 support area. Therefore, any attempt to drag Luna down should see this critical level as a major obstacle.
Technical Indicators
Trading Volume: The volume is decreasing, and this may spell trouble in the nearby future.
RSI: The RSI is on the way back down and has hit a lower high while the price has held its level. This is another sign of weakness. Bears are likely to exploit this to their advantage.
MACD: The MACD histogram is making lower highs, similar to the RSI. This is bearish, and if the daily moving averages chart a bearish crossover, then Luna is likely to fall back to its key support.
Bias
The bias for Luna is neutral. It will remain so until the bulls are able to engage in another push higher.
Short-Term Price Prediction for Luna
Luna is giving some signs of weakness after setting the all-time high at $78. For this reason, it is entirely possible for the cryptocurrency to enter a short-term correction as well.
