LUNA Technical Analysis: Downtrend Continues As Bears Comeback

LUNA coin price reverses the 50-day EMA with increased bearish momentum and warns of the 100-day EMA fallout. Will the downtrend reach $60 mark? Key technical points: The downfall threatens the 100-day EMA fallout. The LUNA coin price has plunged 4.45% within the last 24 hours. Finally, the 24-hour trading volume of Terra is $1.837 Billion, marking a 10% rise. Past Performance of LUNA The LUNA coin price action shows the trendline breakout rally continuing below the 50-day EMA and tests the 100-day EMA. The downfall accounts for a 30% fall in the past ten days and reaches the $80 mark. Moreover, the downturn continues after the 50-day EMA retest and undermines the bullish retracement seen in the past two days. Source-Tradingview LUNA Technical Analysis LUNA coin price shows a bearish engulfing candlestick with higher price rejection projecting a bearish continuation to the $75 mark, as mentioned in our previous article. However, the increasing bearish momentum could fall below $75 and reach the $60 mark. The crucial daily EMAs maintain a bullish alignment in the daily chart, but the prices fall under the 50-day EMA and challenge the 100-day EMA. Hence, a retracement to the 200-day EMA is highly likely. RSI Indicator: The RSI slope shows a sharp deterioration and falls under the halfway mark after facing rejection from the overbought boundary in the daily chart. However, the second dip at the 100-day EMA shows a bullish diverge...