LUNA Technical Analysis: Market Reversal Has Begun
Table of contents
The volatility of this cryptocurrency will quickly bring the price to $33. Therefore, in case of increasing aggression of sellers (length of candles and increase in trading volumes), investing in LUNA should be forgotten for a while. If you keep the $60 mark on the weekly timeframe, the $148 target will be relevant again. However, you can risk buying LUNA for $60 only after a firm fixation of the price on the weekly timeframe. In the case of a smooth push of this mark at low volumes, it is better to close your long positions and prepare for a new fall wave.
Technical Analysis Of LUNA On The Daily Timeframe
Analyzing the LUNA price movement on the daily timeframe, we can see the formation of a new local consolidation of two locally important ranges. The first range of $76 will keep the LUNA price from March 2022. Sellers are testing the strength of this range for the third time. The last inspection of buyers took place on 30 April. During this test of enthusiasm, buyers have no confidence to keep the price.
Therefore, the most positive scenario at the moment is the formation of a new growth wave in the range of $100. This mark was once a historical high and buyers have not been able to take it under control. It is from this mark that a new fall wave with a target of $60 can begin. However, it should be understood that such a positive scenario in the LUNA market is possible in the event of a rebound in the BTC price. So far, the potential for a rebound from the $76 mark is imperceptible. The probability of continuing the pressure on this mark and fixing below it is still higher.
LUNABTC Price On The Verge Of Falling By 40%
The wonderful growth trend that can be admired in the weekly timeframe is beginning to overwhelm with its own glory. The chart shows that from September 2021 a narrow growth channel was formed, in which the price of LUNABTC moves at small volumes. The further up, the lower the trading volume. As of March 2022, buyers have not been able to adequately update the local high, forming a consolidation near the previous high. Thus, the forces to push the LUNA price with market orders are no longer there. The best scenario for buyers now is the formation of the final growth impulse. However, after such a promotion, the LUNABTC price will fall very painfully to 0.00125. So far, this is the first and main target of buyers in the near future.