The last two trading weeks on the LUNA market have heightened investor optimism and hope. The LUNA price is currently trading inside the range of the historical high and has a good possibility of breaking it. Trading volumes continue to consolidate and do not yet show a significant level of buyer aggression. The primary scenario discussed in our earlier study of 3 February has transpired. Buyers not only broke the $79 barrier, but also outperformed themselves. Is it likely that the LUNA cryptocurrency will have a correction? Yes, but before that, buyers can successfully breach the historical high or create a false break and retrace to the $100 zone, or make the final surge to the $148 mark.
LUNA is currently one of the strongest cryptocurrencies, capable of actively growing while boosting Bitcoin’s dominance. As a result, if you’re looking for a cryptocurrency to invest in, LUNA is an excellent choice. However, LUNA is available in two configurations. The first is following the $148 test and the subsequent $100 price correction. If the price remains in the $100 area and does not fall further, the worldwide LUNA growth wave will be incomplete. Another opportunity to purchase LUNA will present itself following an unsuccessful attempt to cross the $100 barrier. In such event, we can anticipate a swift decline to the $60 range. Why should you consider purchasing LUNA at or near the $60 price point? To accomplish this, the shorter period should be thoroughly considered.
Daily Technical Analysis Of LUNA
If you examine the LUNA price movement on a daily basis beginning in August 2021, you will see a pause in the upward pattern. The red trend channel demonstrates this, since the coin’s price obviously reversed direction higher. Additionally, for the fourth time in a row, the bottom trend line of this growth channel is performing nicely. When the LUNA price reaches the growth channel’s bottom trend line, a reversal occurs. Additionally, as its upper trend line, this growth channel confirms the likelihood of the $148 test.
Thus, in the case of a cryptocurrency market correction, it will be prudent and safe to purchase LUNA near the $60 level. Additionally, a detailed examination of the LUNA price trend over the last two weeks reveals a noticeable increase in trading volumes. There has not been a single day with low volumes since 21 February. As a result, the likelihood of breaching the $100 markup is fairly real. In the worst-case scenario, there may be a local pullback to the $70 level, from which buyers will attempt another assault on the $100 level. However, as long as the coin price is above $70, the market sentiment will be bullish.
The LUNABTC Price Has Reached A New All-Time High
The LUNABTC price chart provides additional encouragement and hope for the growth wave to continue. On a weekly basis, we find that buyers are unwilling to allow the market to experience even a minor downturn. The price of LUNABTC breaking above the black trend line did not assist sellers in initiating a market correction. We anticipate continued growth in the LUNABTC price, with an initial goal of 0.0034.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.