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In our previous LUNA/USDT analysis LUNA Unable To Break Through All-Time Highs. Is The Bullish Rally Over? we warned our readers of a possible retracement in the price of the Altcoin after it was unable to break into new ATHS on its second try.
In that bearish prediction, the key support we were watching was the $75 price region on the 4-hour timeframe. We expected to see the LUNA price retrace to this key support region before finding support and rallying higher again.
But fast forward to right now, the LUNA price has only retraced half of the way and is bouncing at minor support as we speak.
However, we do not believe this minor support can hold the LUNA price for long. There is an 80% chance that we might see price break this minor support soon and begin to head lower again in the coming days.
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Key Levels To Watch Out For!
For this bearish prediction to play out, the most important key level to keep your eyes on is the $85 minor support on the 4-hour timeframe.
The LUNA price needs to break and close below this support for the Altcoin sell-off to kick in.
Right now, that support is still holding strong so we will stand aside, but sooner or later, we believe the price will begin moving lower to test and potentially break below it in the coming days.
Final Verdict!
We are still very bullish long-term on the LUNA/USDT crypto pair, However for right now, we believe the ongoing bullish retracement is far from over.
There is still a very high probability that we might see a renewed selling of the LUNA price back down to the $75 key support on the 4-hour timeframe.
Until that happens it is best to be cautious with your bullish trades or better still stand aside and wait for further confirmation in price.
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