LUNA Jumps 18% to Lead the Crypto Majors in a Bullish Monday Session
- On Monday, Terra (LUNA) surged by 18.6% to end the day at $91.35.
- A Bitcoin (BTC) return to $41,000 levels delivered support as the LUNA Foundation Guard buys more Bitcoin.
- Technical indicators are bearish, with LUNA sitting below the 100-day EMA.
Terra (LUNA) surged by 18.6% on Monday. Reversing a 4.1% slide from Sunday, LUNA ended the day at a day high of $91.35
Despite the breakout session, LUNA remained well below the $100 level last visited on April 08.
A BTC Rally Provides LUNA with Respite Amidst Bearish Sentiment
On Monday, BTC rose by 2.81% to end the day at $40,822. A recovery from sub-$39,000 to strike a day high of $41,128 was key to the breakout session for LUNA.
At the time of writing, the Luna Foundation Guard (LFG) ranked eighteenth by Bitcoin holdings. Following further BTC purchases on Monday, the LFG held 42,531 BTC, equivalent to $1,795bn in value.
While BTC found support on Monday, downside risks remain, with indicators suggesting another imminent decline, which would be LUNA price negative.
LUNA Price Action
At the time of writing, LUNA was down by 1.85% to a current morning low of $89.66.
LUNA will need to avoid the $86.27 pivot to make a move through the First Major Resistance Level at $96.43.
Broader market sentiment would need to improve to support a move through Monday’s high of $91.35.
In the event of another extended rally, LUNA should test the Second Major Resistance Level at $101.5. The Third Major Resistance Level sits at $116.7.
A fall through the pivot would bring the First Major Support Level at $81.2 into play. Barring an extended sell-off throughout the day, LUNA should avoid sub-$80 levels. The Second Major Support Level at $71.0.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. LUNA currently sits below the 200-day EMA at $91.4 and the 100-day EMA at $90.2. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA pulled back from the 200-day EMA, however, a bearish signal.
A move through the 100-day and 200-day EMAs would bring $100 into play.