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We have been tracking the LUNA/USDT price for weeks now, closely following the price action development ever since the Altcoin formed an Ascending Channel Pattern in the 1-hour timeframe.
And in our most recent analysis, LUNA is About To Surge! Can This Key Level Hold? we talked about this Ascending Channel Pattern and the most important key support for the LUNA price. In that technical analysis, we broke down how it was important for the LUNA bulls to defend this key level in the coming days.
However, the LUNA price just broke below this key level, invalidated this Ascending Channel pattern, and is looking even more bearish as we speak.
In this LUNA analysis, we will be breaking down what we believe might happen next as well as the key levels we will be keeping our eyes on in the coming days.
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LUNA Bearish Prediction!
Breaking below this Ascending Channel Pattern puts the LUNA price in bearish territory for the short term, and there is a very high probability that we might see more bearish pressure begin to pour into the price chart and push the Altcoin lower.
The next key support we are watching is the $82.38 price level. This is a -10% decline in the value of LUNA and is the next major support on the 1-hour timeframe we can expect to see the LUNA bulls begin to step back up.
Final Verdict!
LUNA breaking below the Ascending Channel Pattern on the 1-hour timeframe pushes the Altcoin into bearish territory for the short term.
We expect to see a price sell-off in the coming days back down to the next key support of $82.38.
However, this bearish prediction will only remain valid as far as the LUNA price continues to trade below the Ascending Channel Patter. We don’t want to see the price breaking back into this pattern throughout this period.
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