In our previous LUNA technical analysis Urgent: LUNA Just Broke Through This Key Level! Sell Now?, we made a bearish prediction on the LUNA Altcoin price calling for a -10% dump in the price.
This bearish prediction has played out exactly with the LUNA price currently finding support and ranging around our $82.45 key level on the 4-hour timeframe.
The question traders are now asking is “is the LUNA sell-off over and what can we expect next from the Altcoin in the coming days?”
In this LUNA analysis, we will be breaking down the key levels we are currently watching as well as what moves we believe the Altcoin price might be making next.
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Is The LUNA Sell-Off Over? Watch This Key Support
The LUNA bulls are currently fighting to hold the $82.45 key support level on the 4-hour timeframe. This support level is the only key level for now stopping Altcoin from continuing its bearish trend lower.
If this level continues to hold, we believe there is a very high probability for us to see more bullish momentum begin to come back into the LUNA price chart and push the Altcoin higher.
So in the coming days, we will be keeping a close eye on this $82.45 key level to see how the LUNA price continues to interact with it. Hopefully, we continue to respect it and begin to trend higher from there.
LUNA Bullish Prediction!
For the LUNA bullish prediction to play out, the Altcoin must continue to respect and trade above the $82.45 key support level on the 4-hour timeframe.
If this level holds, we can expect to see a massive rally from this region back to the $101/$105 key resistance region in the coming days.
This is a 16% to 20% rally for LUNA from its current price. But for it to play out, the LUNA price must respect and continue to trade above the $82.45 key support level/.
A break and close of the LUNA price below this support level in the 4-hour timeframe invalidate this bullish prediction and points to more weakness ahead.
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