Table of Contents
The LUNA price has been in a bullish rally since the start of the year 2022. And while most major coins were selling off, LUNA was doing the opposite by surging to the moon.
However, the Altcoin is beginning to show signs that the LUNA bullish ride might be coming to end!
We are currently seeing price structure change from that of a bullish price scenario (with new highs and higher lows) to that of a bearish price scenario (with new lows and lower highs) on the 4-hour price chart.
Above is what that price structure change looks like and in the sections below we will be breaking down the LUNA price chart to help you see how this exact price structure is happening in real-time.
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.
The LUNA Change In Trend!
When we look at the LUNA price chart, the image above is exactly what we see. And this image warns us that there might be a changing dynamic currently playing out in the LUNA market.
And this change in the dynamics could easily push the LUNA trader’s sentiment from being bullish to becoming bearish in a matter of days/weeks.
Adding More Price Confluence
If we take a step back and look at the 4-hour larger picture for LUNA, we also see a price structure development that supports this bearish bias.
Earlier LUNA broke out of an Ascending Channel Pattern after making new ATHs, the price then fell back below the previous key resistance region and is now retesting it.
If this $105.228 price level holds, there is a very high probability that we might see the price of LUNA continue this bearish momentum and sell-off massively in the coming days.
Key Levels To Watch For
This bearish bias on LUNA will remain valid as far as the Altcoin price continues to trade below the ATHs.
A break above this ATHs will only create (a new Higher High) price structure that would push LUNA back into bullish territory. So if this breakout does not happen, then there is a very high probability that we will see a LUNA price crash soon!
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
