The digital currency “LUNA” is one of the best digital currencies in the recent period in terms of price performance and in terms of the value of the locked DeFi protocols based on it.

Therefore, the outlook for the price of the digital currency “LUNA” is remarkably bullish as it is trading in the green zone for the third consecutive daily session.

The current rally of the coin was reinforced after news emerged of the coin being listed on the cryptocurrency exchange Kraken.

After the news, LUNA price bounced off the 50-day simple moving average (SMA) at $51.77, up 20% to the current price at $62 and then $64.

Read:Trading platform “BitBank” determines its position on supporting “Ethereum PoW” currency…Details here

Inclusion of the “Kraken” digital currency “LUNA” platform:

Cryptocurrency exchange Kraken has thrown its weight behind Terra’s mainnet by listing its native cryptocurrency for trading on its platform.

Kraken released Advertising On its blog on December 14th it urged investors to deposit in preparation for live trading today, Thursday, December 16th.

Trading in the digital currency “LUNA” will be spot trading only and futures and margin trading will not be available at least for the time being.

Expectations that the price of the digital currency “LUNA” will reach $80:

LUNA price formed a V-shaped chart pattern on the daily chart, which indicates a sharp recovery.

A V-shaped pattern is created when an asset drops significantly and then makes a continuous rise.

For example, the price of “LUNA” is currently hovering around $62.62 with the bulls targeting the highs above $80 which represents a rally of approximately 27.75%.

The bullish movement was consolidated and appeared on the Moving Average “MACD” indicator, which has become above the zero line in the positive area.

The upside trend of “LUNA” price will gain more strength once the “MACD” line (blue) crosses above the signal line (orange) which may happen in the near term.

Read:Cryptocurrency exchange “Zipmex” suspends withdrawals…Details here

It can also be seen that the bullish moving averages and the bullish movement of the RSI towards the overbought area is an indication that the bulls are currently controlling the price of “LUNA”.

On the other hand, this bullish prediction for “LUNA” price will be invalidated, in case of the daily close below the psychological level of $60, which means another bearish trend is possible.

If this happens, “LUNA” price could retest the support at $55 or decline further towards the December 13 low around $51.77.

Read also:

In a unique initiative, the Arabian Beauty Company launches NFT and grants 50% of the intellectual property rights to a famous feature film

Japanese group SBI Holdings announces investment in cryptocurrency exchange Coinhako