.LUNA Price Analysis – Kriptom – The signal for LUNA rose above 70 on March 18, indicating a positive outlook at $ 18.17 while the price was still undecided about the next move.
Exclusive to Cointelegraph, the VORTECS ™ score is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
The chart above shows that the VORTECS ™ score rose steadily from 62 to 76 on March 18, long before the price gained momentum on March 19.
Since then, the VORTECS ™ score has continued to rise and has not dropped below 65. Meanwhile, LUNA continued to rise and reached $ 22.32, with the VORTECS ™ score reaching 77 on March 21.
LUNA is in a strong uptrend as it continues to rise at record highs on a daily basis. The bears tried to stop the uptrend on March 17th, but could not hold the price for more than a day. This indicates a strong buy with every small drop.
The long wick on the March 19 candlestick also indicates higher levels of profit taking, but the bulls bought the bearish again and pushed the price to an all-time high today. This development shows that the trend remains intact.
Both moving averages are rising and the RSI is above 84. This shows that the bulls are in control. On the upside, the next major target is $ 27.46.
However, vertical rallies are rarely sustainable. Therefore, traders can wait for a correction or consolidation to initiate new positions rather than push the price higher. A break below $ 18.51 could result in a decline in the 20-day EMA ($ 14.79).
The strong recovery of this support will indicate that sentiment remains bullish as traders buy the bottoms. But a break below the 20-day EMA could signal the beginning of a deeper correction.
The 4-hour chart shows that the LUNA / USD pair is in a strong uptrend. In the last leg of the uptrend, the bulls did not allow the price to drop below the 20-EMA, which is a positive sign.
Therefore, traders should follow the 20-day EMA closely as a break below it would be the first sign that momentum may be running low. The next support on the downside is the 50-SMA. A break below $ 17 could indicate that the bears have the upper hand.
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