Terra's LUNA price appears to be at the beginning of a developing impulse Elliott wave headed south. Key levels have been defined.
Terra's LUNA price could continue declining as market conditions signal bearish control. On October 17, the bulls lost support from the $2.65 level, which has kept prices afloat throughout the month. The move south was catalyzed by rejecting the 8-day exponential moving average. The decline also breached the 21-day simple moving average with little hesitation.
LUNA price currently trades at $2.53. During the New York trading session, the bears established consecutive bearish engulfing candles. The Relative Strength Index compounds the idea of a stronger decline in the works as the bears have breached through oversold levels.
LUNA/USDT 3-Hour Chart
If market conditions are genuinely bearish, the LUNA price will not be able to reconquer the 8-day EMA as support near the $2.66 level. A continuation of the downtrend could be catalyzed by a second attempt at the recently established low at $2.50. Bearish targets lie near the $2.00 liquidity level.
Invalidation of the bearish trend remains at $2.67. If the bulls do conquer the barrier, they could trigger a bull run toward $5.00, resulting in a 100% increase from the current LUNA price.
In the following video, our analysts deep dive into the price action of LUNA, analyzing key levels of interest in the market. -FXStreet Team
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