Terra [LUNA] Looks undecided after reaching overbought territory

Terra [LUNA] is one of many Layer-One blockchains that have seen a significant upswing in the past few weeks. In fact, LUNA has posted gains of more than 737% since the market-wide crash in May. However, after soaring to an all-time high near $ 35, the crypto asset appeared to have entered a consolidation mode. In addition, the crypto asset also lost two positions lower in the ranking and has now been ranked 14th in terms of market capitalization.

Because of the bullish hold, Terra [LUNA] traded at $ 29.11 after falling 12.62% in the past 24 hours. At the time of writing, the digital asset had a market cap of $ 11.69 billion and a 24-hour trading volume of $ 1.76 billion.

Terra [LUNA] Daily price chart:

The increasing volume in the LUNA market has managed to maintain the forward trend. In addition, these are the diverging Bollinger Bands [BB] showed an increase in volatility in the market that can push the price of the digital asset northward.

The moving averages floating under the LUNA candles also showed an optimistic outlook as a measure between the 50 DMA [Pink] and the 200 DMA [Yellow] increased after undergoing a Golden Cross in the first week of August.

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The falling flow of money from Chaikin [CMF] did not show a promising trend for LUNA, but a rapid outflow of capital from the coin market. The stochastic RSI was on the verge of a bullish crossover and a rebound from the oversold territory. The Relative Strength Index [RSI], on the other hand, maintained its position above the 70 region near the overbought zone, suggesting that buyers have the upper hand in the crypto asset market.

The tech specs above indicated that Terra’s trends were undecided as the consolidation continued. To climb higher, the crypto asset needs to break the recently hit ATH near the $ 35 mark. Meanwhile, the support points have been found at $ 22.17, $ 14.2 and $ 11.8, respectively.

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