LUNA Testing Key Resistance. Watch This Ascending Channel Pattern

?
LUNA Testing Key Resistance. Watch This Ascending Channel Pattern on the 4-hour timeframe
LUNA Testing Key Resistance. Watch This Ascending Channel Pattern on the 4-hour timeframe

Ever since breaking into new ATHs, the LUNA price has been surging higher in an Ascending Channel Pattern in the 4-hour timeframe.

This pattern offers us key levels to watch for and targets to aim for in this bullish rally. And right now the LUNA price is testing one of these key levels.

The question now is can this resistance channel hold and should we be expecting a price sell-off back down in the coming days?

LUNA Testing Key Resistance. Watch This Ascending Channel Pattern on the 4-hour timeframe
LUNA Testing Key Resistance. Watch This Ascending Channel Pattern on the 4-hour timeframe

In this LUNA/USDT price analysis, we will be breaking down exactly what we are watching on the LUNA 4-hour timeframe, the key pattern playing out right now as well as the levels to keep an eye on in the coming days.

To trade LUNA/USDT 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.

LUNA Trading At Key Resistance

LUNA Testing Key Resistance. Watch This Ascending Channel Pattern on the 4-hour timeframe
LUNA Testing Key Resistance. Watch This Ascending Channel Pattern on the 4-hour timeframe

The LUNA price is currently trading at a key resistance level in the 4-hour timeframe. This key channel has served as price resistance on two previous occasions in the past and might do so again in the coming days.

If this channel resistance holds strong in the 4-hour timeframe, there is a very high probability that we might see the LUNA price crash back down to the previous ATHs region of $101.151 before finding any major support.

A crash like this is a -10% drop in the value of LUNA but in no way signifies the end of the LUNA bull run.

LUNA Testing Key Resistance. Watch This Ascending Channel Pattern on the 4-hour timeframe
LUNA Testing Key Resistance. Watch This Ascending Channel Pattern and the bearish price prediction on the 4-hour timeframe

Final Verdict!

The LUNA bullish rally is currently playing out in an Ascending Channel Pattern in the 4-hour timeframe. This pattern plays a key role for us as traders because it helps us understand exactly what the LUNA price is doing and the key levels to watch out for.

As far as LUNA continues to trade in this Ascending Channel Pattern, there is a very high probability that we might see the Altcoin continue to rally higher in the long term.

This pullback we are experiencing is just a price bounce within this Ascending Channel pattern and once it is over, we expect to see the Altcoin price resume its uptrend.

Claim up to $30,030 in Bonus

100x Leverage

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

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: