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LUNA price could revisit $5.5 as key indicator turns bearish

  • Luna price is contained inside a right-angled broadening wedge pattern on the daily chart.
  • The digital asset faces a robust resistance trendline as key indicator is close to presenting a sell signal.
  • A breakout above a key resistance level will push the digital asset by 40%.
LUNA price could revisit $5.5 as key indicator turns bearish
Lorenzo StroeLorenzo StroeIndependent Analyst

Luna price has just established a new all-time high at $9.35 but could be on the verge of a pullback after a significant rally in the past two months. 

Luna price at risk of falling towards $5.5

On the daily chart, LUNA has established a right-angled broadening wedge pattern which is considered bearish. At the same time, the TD Sequential indicator has presented a green '8' candlestick which is usually followed by a sell signal.

luna price

LUNA/USD daily chart

The confirmation of the sell signal has the potential to drive Luna price down to the lower trendline support located at $5.5. 

luna price

LUNA/USD daily chart

However, on the flip side, if the bulls can push LUNA above the upper resistance trendline and see a daily close there, the digital asset will explode by 40% in the long-term towards $13. 

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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