Terra's LUNA price needs to show this accumulation pattern, here's why
- Terra's LUNA price fails to hurdle the $2.00 barrier.
- There is still not enough evidence to confirm bullish rally will occur.
- Early invalidation of the downtrend could be a breach above $2.35.
Terra's LUNA price is still in an unfortunate situation. Buying early may not be the best idea, but the technicals should continue under surveillance for potential entries.
Terra’s LUNA price needs to turn
Terra's LUNA price continues to struggle as the bears have forced a rejection at the $2.00 level.
On June 23, the LUNA price trades at $1.94 as consecutive doji candles are shown post-sell-off.
Unfortunately, the technicals do not show strong signals to believe in a true market bottom. As mentioned in a previous outlook, the bears have control and could aim for the $0.59 VPOC.
Terra’s LUNA price needs to start turning soon to validate any true upside potential. CEO Do Kwon has promised to restore the controversial digital token to normalcy, but unfortunately, his words do not translate into the technicals. For investors to be early, look for a subtle turn in the market. A Smart Money accumulation pattern is needed to justify an entry.
LUNA/USDT 2-Hour Chart
Invalidation of the bear trend and a start of the accumulation pattern could be a breach above $2.35. If this were to occur, the bulls could rally towards $6.00, resulting in a 150% increase from Terra's LUNA price.
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.
