Terra LUNA could accomplish a 1x relief rally in October, here’s how
- Terra Luna shows potential for a 100% gain as a pullback towards $5.00 still remains a possibility.
- LUNA price shows a persistent tapering Volume Profile look amidst the decline suggesting the downtrend is weakening.
- A breach at $1.96 could induce a plummet toward $1.75, while a breach above $2.80 could induce a 1x rally targeting $5.00
Terra LUNA price shows reasons to believe that a strong countertrend rally could occur in the coming days. Key levels have been defined.
LUNA price will decide soon
Terra LUNA price has been trading rangebound throughout the month of October, prompting investors to question where LUNA is headed next. After an impressive 3x rally in September, Luna has fallen 70%. If market conditions persist, a sharp move to one direction or another will likely commence in order to resolve the sideways market behavior
LUNA price currently auctions at 2.49. The bearish decline displayed a consistent tapering pattern on the Volume Profile Indicator. The pattern suggests the downtrend’s strength is waning. The bulls have also hurdled back into support on the RSI on both hourly and daily time frames.
LUNA USDT 8-Hour Chart
Combining these factors, a rally towards the $5.00 congestion zone stands a fair chance of occurring A breach above the $2.80 swing high could be the catalyst to induce such a move.
On the contrary, if the bears breach the $1.96 swing lows, investors should expect an additional decline toward the $1.75 zone, such a move would result in a 35% decline.
In the following video, our analysts deep dive into the price action of LUNA, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
