Luna and ADA inch higher

Overview

  • Terra (Luna) is a public blockchain protocol deploying a suite of algorithmic decentralized stable coins which underpin a thriving ecosystem that brings DeFi to the masses.
  • Cardano (ADA) is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.

Here’s the market analysis of Luna and ADA. Both Luna and ADA rose over 7% on 12th January, 2022.

Luna

Currently trading at $79.45, Luna is up by 8.18%. The market structure of Luna today was extremely bullish owing to pressure from seller’s/investors side. It started the day at a low of $73.98 levels. The coin then rallied up till $78.94 levels during the day before making a reversal. The first support was at $74.31 levels. The coin tested the first major resistance at $78.65 levels. The intraday high was seen at $79.87 levels. On the daily chart, the coin looked extremely bullish, however after reaching intraday high it was consolidating at lower levels.

https://in.tradingview.com/

Market indicators

Hourly RSI: The hourly RSI is at 56 levels, indicating minor price strength in the short run. The coin was slightly in the oversold region.

Fibonacci Retracement levels:

23.6%: $68.62, 38.2%: $70.44, 61.6%: $74.04

Major support level: $72.24

Major resistance level: $80.41

https://in.tradingview.com/

Conclusion

On the upside the prices may soon move above $80 level, further rally upwards will lead to the first major resistance level at $82.44 level to come in force. On the downside, a fall back below the level of 23.6% FIB level will test the first support level at $62.54 level.

ADA

ADA is currently trading at $1.280 levels, up by 7.83%. Here’s the market structure of ADA:

It started the day at $1.197 levels. The market structure of ADA currently is extremely bullish. On the daily chart, the coin consolidated in a bullish flag pattern. It tested the first major support at $1.204 levels and the second support at $1.245 levels. The coin tested the first resistance at $1.277 levels. The intraday high of the coin was seen at $1.290 levels and its intraday low was at $1.188 levels. In the smaller time frame, the coin was seen consolidating between $1.275 and $1.290 levels. On the hourly chart, the coin was seen making a bullish reversal after reaching its intraday high. Currently, the edge seems to be with the sellers who are driving the prices.

https://in.tradingview.com/

Market Indicators

Hourly RSI: The hourly RSI is currently moving towards 53 levels, showing mild price strength for short term. However, this is more likely to go down owing to pressure from buyer’s side.

Fibonacci Retracement levels:

23.6%: $1.113, 38.2%: $1.147, 61.6%: $1.201

Major support level: $1.138

Major resistance level: $1.306

https://in.tradingview.com/

Conclusion

The first major resistance level sits at 78.6% FIB level, barring an extended crypto rally. If broad based crypto rally comes in play, the second major resistance level will be at $1.3 level. A fallback through $1.183 level will bring the major support level at $1.147.

Please follow and like us:

Related Articles

Facebook
Twitter
Telegram