Terra’s LUNA token broke and closed above the 20-day EMA ($54) on Feb. 22, which was the first indication that the sellers may be losing their grip. Sustained buying has pushed the price to the downtrend line of the descending channel.
The 20-day EMA has flattened out and the RSI has jumped into the positive territory, suggesting a minor advantage to buyers. A break and close above the 50-day SMA ($62) will indicate a possible trend change. The LUNA/USDT pair could then rally to $70 where it may again face resistance from the bears.
Contrary to this assumption, if the price turns down from the 50-day SMA, it will signal that bears are attempting to defend the overhead resistance. If the price rebounds off the 20-day EMA, it will indicate that bulls are buying the dips. That will increase the possibility of a break above the 50-day SMA. This positive view will be negated if bears pull the price below the 20-day EMA.
The 20-day EMA has flattened out and the RSI has jumped into the positive territory, suggesting a minor advantage to buyers. A break and close above the 50-day SMA ($62) will indicate a possible trend change. The LUNA/USDT pair could then rally to $70 where it may again face resistance from the bears.
Contrary to this assumption, if the price turns down from the 50-day SMA, it will signal that bears are attempting to defend the overhead resistance. If the price rebounds off the 20-day EMA, it will indicate that bulls are buying the dips. That will increase the possibility of a break above the 50-day SMA. This positive view will be negated if bears pull the price below the 20-day EMA.