Abstract：LUNA price breached the range it was trading in and crashed violently in June. However, buyers seem to be making a comeback, suggesting that a recovery rally is in effect.
LUNA price prepares for take-off
LUNA price rose 42% on June 27 and set a swing high at $2.79. While this upswing was impressive, the altcoin faced exhaustion combined with a sudden spike in selling pressure. As a result, there was a 23% retracement.
This pullback is a blessing in disguise for the next leg-up that is likely to push LUNA price to the next significant hurdle at $3.50. Therefore, investors need to pay close attention to the price action as it is primed for the next leg-up.
Patient investors can capitalize on the anticipated 60% in gains where the upside is likely to be capped for LUNA 2.0. However, if buyers step in and flip this hurdle at $3.50 into a support floor, it could result in the rallys extension.
In such a case, LUNA price could further rally 43% to the $4.98 hurdle or the $5 psychological level. This run-up, in total, would amount to a 131% ascent and is likely where the upside is limited for the altcoin.
On the other hand, if LUNA price faces an intense sell-off from the current position, the uptrend is unlikely to trigger. In such a case, if LUNA 2.0 produces a four-hour candlestick close below $1.87, it will create a lower low and invalidate the bullish thesis.
This crash could cause LUNA price to dive to the next support floor at $1.69.
owfx, a trading name of OWFX FINANCIAL GROUP PTY LIMITED, is allegedly a suspicious regulated forex broker registered in China. Unluckily, other more detailed information about this broker is not available on the Internet.
TrendFX, a trading name of TrendFX Limited., is allegedly a suspicious regulated forex and CFD broker registered in the UK that claims to provide its clients with over 90 tradable financial instruments with leverage up to 1:400 and variable spreads from 0.8 pips on the industry-standard MetaTrader5 trading platform, as well as a choice of two different account types and 24/7 customer support service.
Profx, a trading name of Profx Market, is allegedly a suspicious regulated London-based ECN/STP and spread-betting broker that claims to provide its clients with some tradable financial instruments with flexible leverage up to 1:1000 and variable spreads from 0 pips on the world’s most trusted and popular MetaTrader4 trading platform, as well as a choice of four different account types.
Exness, a trading name of Exness (SC) Ltd, is allegedly a securities dealer registered in Seychelles with registration number 8423606-1 and authorized by the Financial Services Authority (FSA) with licence number SD025. The broker claims to provide its clients with a wide variety of tradable financial instruments with 1:unlimited leverage and variable spreads from 0.0 pips on the industry-standard MetaTrader4 and MetaTrade5 trading platforms, as well as a choice of five different account types and 24/7 multilingual customer support service.