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The LUNA/USDT price has been playing out exactly as we predicted in our analysis LUNA Testing Key Resistance. Watch This Ascending Channel Pattern.
Crashing more than -15% in a matter of days, the LUNA Ascending Channel pattern is still holding strong on the 1-hour timeframe.
But with this bearish target smashed, the question now is what should we be expecting from the LUNA price in the coming days?
In this LUNA analysis, we will be breaking down the key levels we are currently watching and what we believe might happen soon!
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Is The LUNA Sell-Off Over? Watch This Key Support
The most important support for the LUNA price right now is the $101.151 key support region on the 1-hour timeframe.
This support region has the ability to determine if the LUNA sell-off is over or we might see one more move down before the bearish trend ends.
In the section below we will be breaking down what the bullish and bearish scenario might look like for LUNA and the key levels to watch out for.
1) LUNA Bullish Scenario: $101.151 Key Support Holds
For the bullish price scenario on LUNA, we want to see the $101.151 key support hold on the 1-hour timeframe.
If this key level holds, there is a very high probability that we might see the Altcoin price begin to surge back up to the top of the Ascending channel again in the coming days.
A move like this would be the end of the LUNA sell-off for now, and it would give us an opportunity to get into a long trade back to the resistance channel of the 1-hour pattern.
2) LUNA Bearish Scenario: The $101.151 Support Fails
The second price scenario that might play out is a bearish one. And this would involve the bearish move breaking through the $101.151 key support on the 1-hour timeframe and extended lower for a bit.
If this $101.151 horizontal support gets broken, the next key support we will be keeping our eyes on is the base support of the Ascending Channel pattern.
There is a very high probability the LUNA price might sell-off to this key region before finding any major support again.
Final Verdict!
It all comes down to the $101.151 key support on the 1-hoour timeframe. Can this horizontal support hold and provide us with the bullish momentum we need to start rallying back up or should we expect to see the LUNA bears push through it and retest the base of the Ascending Channel Pattern?
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