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While the bulk of cryptocurrencies around the world has remained bearish, LUNA/USDT has been one of the few Altcoins that have experienced a continued bull run throughout this downtrend.
This bull run has seen the Altcoin surge more than 144% since the beginning of this year. And for the month of March alone, LUNA is currently up more than 71% in value, trading back up around previous ATHs.
But the question traders are asking now is:
Is the LUNA bullish rally over or should we expect a breakout into new ATHs?
In this LUNA analysis, we will be breaking down the key levels we are currently watching as well as what we believe might play out in the coming days.
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LUNA Key Levels To Watch!
The most important key level to watch out for on the LUNA 4-hour price chart is the $104 previous ATHs.
We are currently seeing this key level hold strong and as strong resistance, preventing a move higher in the price of the Altcoin. And until this resistance is broken, there is a very high probability that we might see a price retracement in the coming days.
This retracement could see price pushing back down to the $75 key support region on the 4-hour timeframe before bouncing back up.
Why Is $75 The Next Key Level?
The $75 price region has served as both strong resistance and key support for the LUNA price in the past.
And since the Altcoin price respected that key region to some certain extent before, there is a very high probability that we can expect to see that level play a crucial role again for the LUNA price in the coming days.
Final Verdict!
LUNA is still very bullish! The Altcoin is only making a bullish retracement after a 144% surge in price. Once this retracement is over, we can expect to see Altcoin resume its bullish move higher.
The $75 price region is the first key level to watch for bullish support in the coming days. There is a very high probability for the LUNA price to sell off to this key region before bouncing and resuming its move higher.
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