Following a strong performance over the past few weeks, which climaxed with LUNA peaking at $119.55 on Tuesday, the cryptocurrency has recorded a sharp correction near the $100 price point as the broader market retraces.

This correction led to a breach below the 4-hour 100 EMA , indicating a return to bearish conditions. However, the price has extended deep into oversold conditions on my momentum indicators. That said, a bearish continuation below the $100 psychological mark is unlikely at the moment, given the prevailing market conditions and the presence of my multi-week-long ascending trendline.

However, I do not expect a bullish reversal anytime soon and foresee a sideways pattern between $100 and $110 into next week.

Meanwhile, my resistance levels are $104.00, $110.00, and $115.00, and my support levels are $100.00, $96.00, and $90.00.

Total Market Capitalization: $2.02 trillion

Terra Market Capitalization: $36 billion

Terra Dominance: 1.78%

Market Rank: #9