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Abstract:LUNA price breached the range it was trading in and crashed violently in June. However, buyers seem to be making a comeback, suggesting that a recovery rally is in effect.
LUNA price retraces after rallying 42% over the last 24 hours.
The ongoing retracement hints at a 60% upswing to $3.50.
A four-hour candlestick close below $1.87 wil invalidate the bullish thesis.
LUNA price prepares for take-off
LUNA price rose 42% on June 27 and set a swing high at $2.79. While this upswing was impressive, the altcoin faced exhaustion combined with a sudden spike in selling pressure. As a result, there was a 23% retracement.
This pullback is a blessing in disguise for the next leg-up that is likely to push LUNA price to the next significant hurdle at $3.50. Therefore, investors need to pay close attention to the price action as it is primed for the next leg-up.
Patient investors can capitalize on the anticipated 60% in gains where the upside is likely to be capped for LUNA 2.0. However, if buyers step in and flip this hurdle at $3.50 into a support floor, it could result in the rallys extension.
In such a case, LUNA price could further rally 43% to the $4.98 hurdle or the $5 psychological level. This run-up, in total, would amount to a 131% ascent and is likely where the upside is limited for the altcoin.
On the other hand, if LUNA price faces an intense sell-off from the current position, the uptrend is unlikely to trigger. In such a case, if LUNA 2.0 produces a four-hour candlestick close below $1.87, it will create a lower low and invalidate the bullish thesis.
This crash could cause LUNA price to dive to the next support floor at $1.69.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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