Terra's LUNA price shows concerning signals, with bears targeting $1.00. Still, being an early seller is ill-advised.
Terra's LUNA price sideways action is finally starting to make sense. Since the cataclysmic sell-off, the range-bound consolidation has produced both diminishing returns and losses between each directional shift. On July 6, 2022, the technicals display a coiling triangle pattern which justifies the lackluster price action investors of the LUNA price have been experiencing.
LUNA price currently trades at $2.17. The Relative Strength Index confounds the idea of a triangle in place as bearish and bullish divergences are witnessed on the indicator around pivotal levels. The Volume Profile suggests being an early bear could be problematic as there is a thin bearish influence around the current $2.20 resistance level.
LUNA2/USD 4-Hour Chart
A justified bearish entry will be to wait for a definitive candle close below the $2.02. Traders can join the bears if the breach occurs while keeping an invalidation level at $2.78. The triangle's strength could send LUNA price into a decline targeting $1.00.
Invalidation of the bearish thesis is a definitive candle close above $2.78. If this bullish event occurs, a 50-60% rally could occur in favor of the bulls targeting $4.10.
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