Terra (LUNA) continues trading within a long-term rectangle pattern on its daily chart, with buyers defending the $0.040 support level as analysts monitor for a potential breakout. According to crypto analyst Crypto With Gopal, a convincing daily close above the $0.22 to $0.25 resistance range could clear the path toward $0.50. However, momentum indicators remain bearish, with the Relative Strength Index (RSI) near 31 and the Moving Average Convergence Divergence (MACD) below the zero line. At the time of writing, LUNA is trading at $0.04071 with a market capitalization of $28.9 million, reflecting a 1.83% decline over the past 24 hours.
Terra (LUNA) is consolidating within a long-term rectangle pattern on the daily chart after a prolonged downtrend, with buyers defending the $0.040 support level. Crypto With Gopal stated that the extended consolidation suggests selling momentum is fading while long-term accumulation gradually strengthens ahead of a possible breakout.
Data shows LUNA is trading at $0.04071 with a 24-hour trading volume of $2.25 million and a market capitalization of $28.9 million. The asset has recorded a 1.83% loss over the last 24 hours.
A convincing daily close above the rectangle resistance range of $0.22 to $0.25, supported by increased volume, would confirm a bullish breakout. This could clear the way toward the $0.50 level, while failure to hold the rectangle support would turn the outlook negative.
TradingView data indicates LUNA remains in a bearish formation with lower highs and lower lows from May onward. The price is trading near $0.0407 following unsuccessful attempts to rebound higher.
The RSI is around 31, indicating weak buying pressure and approaching oversold territory without a reversal. The MACD indicator is below the zero line, with the MACD line below the signal line.
The next move for LUNA depends on whether buyers can defend the $0.040 support and break past the $0.22 to $0.25 resistance. A breakout with significant trading volumes would confirm the bullish rectangle formation with a target of $0.50.
This article contains market analysis and price data. Crypto markets are volatile. This is not financial advice.
