This is where LUNA 2.0 price recovery will land

  • LUNA price showed restraint and stayed above $1.69 even as BTC crashed below $18,000.
  • The ongoing bounce is likely to continue until the $3.50 level is reached. 
  • A four-hour candlestick close below the $1.69 support level will invalidate the bullish thesis.

LUNA price has been trading below the larger range since its breakdown on June 8. However, the recent surge in bullish momentum could push Terra up to retest the said level. 

LUNA price stays steady

LUNA price set a range, extending from $3.50 to $10.20 as it rallied 190% in under four hours. This massive run-up is where Terra remained for the next 11 days. On June 8, the selling pressure resulted in e a breakdown.

The consequence is a four-hour candlestick close below $3.50, which led to a 46% crash that came close to retesting the -27% retracement level at $1.69. Since then, LUNA price failed to recover above the $3.50 hurdle. 

The recent tag of the $1.69 barrier has pushed LUNA price up by 32% to where it currently trades - $2.07. If this momentum continues, there is a good chance that the LUNA 2.0 altcoin will reach the $3.50 blockade.

In total, this run-up to $3.50 would constitute a 72% ascent and is likely where the upside is capped for LUNA price. However, a four-hour candlestick close above the said barrier will paint an even more bullish picture and open the path to $4.98.

LUNA/USDT 4-hour chart

While things are looking up for LUNA price, a spike in selling pressure that produces a four-hour candlestick close below $1.69 will create a lower low. This development will invalidate the bullish thesis and allow the bears to take control.

In such a case, LUNA price could crash to the $1 psychlogical level, and in a highly bearish case retest the listing price at $0.5.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.