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The LUNA sell-off has extended into today, breaking through the $101.151 major horizontal support in the 1-hour timeframe.
We talked about a bearish price scenario like this in our previous LUNA analysis: LUNA’s First Bearish Target Smashed! What Next? and now that analysis is playing out exactly.
The next question traders are asking is “How much longer will this LUNA sell-off last?” And in this LUNA analysis, we will be trying to answer that by breaking down the key levels we are currently watching and why we believe this LUNA sell-off might be over!
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Can This LUNA Key Level Hold?
The LUNA price is currently trading in an Ascending Channel Pattern in the 1-hour timeframe. This pattern offers us key levels for us to expect the LUNA price to find support or resistance!
And right now, the LUNA price is approaching the base support of this Ascending channel pattern. If this level holds there is a very high probability that we might see a bullish reversal in LUNA in the coming days.
LUNA Bullish Prediction!
We believe there is a b=very high probability that we might see the LUNA price find support and begin to rally from this base channel soon!
A rally like this would likely take us back up to the top of the channel, providing us with a potential +25% surge in the value of LUNA.
But for this bullish prediction to remain valid, the LUNA price must hold and respect the base support of the Ascending Channel Pattern on the 1-hour timeframe.
The question we will be waiting for answers to in the coming days would be “can LUNA hold this key support or should we wait for the bearish sell-off to continue much lower?”
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