Technical Analysis: Terra Luna Drops 20%, While Symbol Token Climbs on Friday

Terra (Luna) was one among this week’s largest crypto losers, falling by as a lot as 20% throughout Friday’s session. Declines in terra got here as cosmos (ATOM) additionally had a double-digit decline.

Biggest gainers

Although crypto markets have been primarily buying and selling within the crimson, symbol (XYM) was one of many uncommon exceptions to climb increased as we speak.

XYM rose to an intraday excessive of $0.1728 throughout Friday’s session, rising from an earlier low of $0.155.

This transfer began when the image surged from its help at $0.146, an space the place it has been buying and selling round for almost all of the week.

As of writing, XYM was buying and selling over 7% increased, with value motion persevering with to achieve energy, after a current breakout from a key RSI resistance level.

The 14-day RSI indicator is presently monitoring at 44, following its surge from the 35 degree, which was a historic level of value uncertainty.

Traders will doubtless now wait to see if image may attain resistance of $0.189.

Biggest losers

Another day, and cosmos (ATOM) was as soon as once more buying and selling decrease, falling by as a lot as 10% within the course of. Despite this, it was terra (LUNA) which was Friday’s bear of the day, and was down round 16% as of writing.

The transfer noticed LUNA/USD prolong its current selloff, hitting an intraday low of $47.72, following an earlier excessive of $58.20.

Looking on the chart beneath, the decline commenced after a breakout from the $59.75 flooring, resulting in additional drops, which now sees new help of $47.95 being shaped.

In addition to the breakout, costs at the moment are closely oversold, which is among the solely indications that the bearish stress might be fading.

Will we see any decrease lows this weekend from terra? Let us know your ideas within the feedback part beneath.