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We have been following the LUNA price for weeks now, updating our readers on what has been happening with the patterns as the price develops.
One of the first updates we made was in a previous analysis, 80% Chance LUNA Could Head Lower Soon! Here Is Why where we warned our readers of the bull trap playing out on the LUNA 4-hour timeframe.
We also made a bearish prediction on the LUNA price, predicting that the Altcoin will crash back to the $75 key support soon and dividing the coming sell-off into two phases.
Since then, we have seen the first phase of the sell-off play out exactly as predicted with phase 2 set to get on the way. If it is completed, we would see the LUNA price back down at the $75 key level.
However, as at the time of publishing this analysis, that LUNA phase 2 sell-off is now stalling, with the price doing something totally different.
In this analysis, we will be updating you on what we think happened and what we believe might happen next.
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What Is Happening To The LUNA Price?
The LUNA price just violated and broke through the Descending Channel Pattern we talked about in a follow-up analysis LUNA Testing Minor Support As Predicted! Watch This Channel
While the bearish prediction played out to some certain extent, all of a sudden we saw bearish volume dry up on the LUNA price as it began to surge back up to invalidate this key pattern we were watching on the 1-hour timeframe.
This Descending Channel Pattern invalidation only means the LUNA price will be forming a totally new and different pattern very soon!
What pattern that would be, we don’t know yet. But we will be keeping an eye on the price action and updating you as it develops.
The Key Levels To Watch
Now that the Descending Channel pattern has been invalidated, we will be returning to the horizontal key levels. And right now LUNA is trading above the $85 minor support.
As far as price stays above this key minor support, we can not become bearish on LUNA.
For LUNA to have the opportunity to sell back down to the $75 key support, this minor support must be broken first.
And until is broken, we will stand aside and watch as the LUNA price develops to further understand what it wants to do next
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