Here is Why LUNA Uptrend Can Slowdown
Terra (LUNA) has one of the most substantial uptrends among the top 10 cryptocurrencies. However, in the short-term the cryptocurrency has been pulling back from its all-time high of $119.51 and it’s trading back below the $100 big psychological level.
Altcoin Index Comparison
By comparison, the altcoin index, which tracks the performance of the top 10 altcoins, has been moving steadily lower. However, LUNA brushed off the bearish momentum in the crypto market and traded higher.
In the short term, we can see that LUNA price is starting to track the overall market performance and is moving lower in tandem with the ALTcoin index. This can be an early signal of a potential slowdown of LUNA the uptrend.
Technically speaking, we’re still in a strong uptrend as LUNA price is trading well above the critical 200-day moving average. But with the momentum shifting to the downside, there is a high probability of a retest of the 200-MA.
The bullish momentum seen on the Relative Strength Index RSI oscillator is starting to fade away. The break below the 50 mid-level signals more bearishness.
Looking forward, LUNA price can be trapped in a big ranging zone between the $100 high psychological level and the $50 significant round number and critical support level.
