After staying in the middle of consolidation for months, Luna broke out overnight and rallied heavily near $0.9. The sudden price movement has brought the price out of the short-term bearish zone.
Luna halted bearish two months ago after locating solid ground at $0.39 in August. After that, it consolidated for months and remained stalled under the $0.6 resistance level.
The price started to pick slowly this week until it exploded massively today due to huge amounts of volumes that flow into the market. As a result, the mentioned resistance level flipped fast and touched $0.87 – which marked its highest price level in three months.
It is now changing hands at $0.92 due to a slight price drop. Despite that, the asset remains strong on the daily chart. More positive actions can be expected if the price continues to increase by the day.
Should the price drop, especially below the $0.8 level, we may see a slight retracement at the recently broken resistance level (now support) before bouncing back higher.
From a technical standpoint, Luna is considered bullish from a short-term perspective. A weekly candle close above the $1 psychological level should trigger a bigger price movement in the upcoming weeks. The current trading session is highly volatile.
Key Levels to Watch
If Luna climbs above the mentioned psychological level, the immediate resistance level to consider for an increase lies at $1.2 before advancing higher to $1.4.
In case of a drop, it may encounter support at a minor level of $0.73. If that level fails to contain pressure, the next potential level to watch as support lies at $0.6. The crucial support level to keep in mind for a crackdown lies at $0.39.
Key Resistance Levels: $1, $1.2, $1.4
Key Support Levels: $0.73, $0.6, $0.39
- Spot Price: $0.83
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: moxumbic/123RF // Image Effects by Colorcinch