In our previous LUNA analysis, LUNA Bearish Target Smashed! What Now? Watch This Bullish Prediction we talked about the $82.45 key support on the 4-hour timeframe and the importance of this key support to the LUNA bulls.

For LUNA to remain bullish, the Altcoin price needs to respect and continue to trade above this key $82.45 price level. However, LUNA has failed to do so.

As we speak, the LUNA price has broken through this $82.45 key level and is not consolidating below it, turning that previous support into new resistance!.

In this technical analysis, we will be breaking down what this bearish move means for LUNA and what we believe might happen next.

To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.

[bybit]

LUNA Looking Bearish

By breaking below the $82.45 key support on the 4-hour timeframe, the LUNA rice is showing a growing sign of weakness with a very high probability for us to see more price movement to the downside in the coming days.

We can expect to see new sellers begin to enter the market from this $82.45 key region and once this current ranging market ends, there is a very high probability for us to see the LUNA price shoot lower.

But for this bearish prediction to remain valid, the LUNA price must continue to trade below the $82.45 key resistance level in the 4-hour timeframe.

Bearish Target For LUNA

The next major key level we will be watching for is the $70.76 key support on the 4-hour timeframe. This is a -10% decline in the price of LUNA and is very likely to play out if the Altcoin continues to trade below that $82.45 new resistance level in the 4-hour timeframe.

[bybit]

Easy Steps From Beginner To Pro Crypto Trader

You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Trade Hassel Free

Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link  PrimeXBT Covesting