LUNA Price Approaches 0.382% Fibonacci Retracement Near $0.90

LUNA price fell for the fifth straight session in a row, exuding extreme bearishness with a nearly 23% fall. This momentum is expected to continue as the bulls failed to sustain the key support levels. Investors can expect more downside in the asset.

Luna’s price continues its downward movement on Friday.
A break below $100.0 targets 0.382% Fibonacci retracement next.
The momentum oscillators remain mixed warning of aggressive bids.

As of publication time, LUNA/USD exchanges hands at $98.99, down 5.75% for the day. Further, the 24-hour trading volume of the ninth-largest cryptocurrency holds at $2,647,636,246 as per the CoinMarketCap.

LUNA price moves south

LUNA’s price surged 170% after tagging the lows near $43.0 in late January. The price tested all-time highs at $119.05. However, the recent uptick that led to the massive gains in the token failed to push through. As a result, LUNA sellers took over, leading to a 23% retracement so far.

Now, the price is heading toward the $0.382% Fibonacci retracement level near $0.90. This also coincides with the 50-day EMA (Exponential Moving Average). Hence, a crucial level to sustain. A failure to hold will result in the continuation of the downside move.

In that case, the next target could be located at the lows of March 18 at $82.0.

On the other hand, a demand zone exits near $92.0. So if the buyers are able to hold a reversal is very much likely. On moving higher LUNA’s price would tag Thursday’s high around $109 followed by the all-time highs of $119.49.

Technical indicators:

RSI: The Relative Strength Index breaches below 50 with a sharp move. This indicates immense selling pressure.

MACD: The Moving Average Convergence Divergence depicts increased bearish momentum as slides below the midline.