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- LUNA coin price formed two indecisive candlesticks before giving a retest for the breakout of the flag pattern.
- The coin price has recently faced rejection from the $19.1 level and is now heading to 50 EMA.
- The LUNA/BTC pair is trading at 0.0003156 with an intraday loss of 8.8%
Source- tradingview
LUNA coin price fell more than 70% before the breakout of the flag pattern. The coin price made two indecisive Doji candlesticks before a red candle indicating a pullback retest of the breakout. However, the support zone near $16 is sustaining the price up.
The increasing buying volume does imply a breakout soon. The live LUNA price today is $17.53, with a 24-hour trading volume of $617,287,872.
LUNA is down 6.56%% in the last 24 hours. The live market capitalization of the coin is $6,910,694,608.
Double top pattern as a breakout retest
Source – tradingview
LUNA has made a double top pattern in the 4-hour timeframe after the breakout from the 52-week high level inside the parallel channel. The double bottom pattern has brought the price back as a low volume retest.
The coin price has faced resistance from the $19.1 level twice, resulting in the double top. The support level of $12.7 and zone near $14.5 are the immediate support, whereas the immediate resistance level is $19.1 and the all-time high level of $22.33.
According to the 4-hour timeframe, the recent bullish crossover of 50 (yellow) and 200 (white) EMA indicated an uptrend, but the coin price pushed back down as a retest of the breakout. 50 EMA could provide support and boost the price up.
The RSI (bearish) indicates bearish momentum while trading at 54.80. The RSI line is dipped and is now heading to the oversold zone.
The ADX indicates a gaining momentum as it is trading at 29.5 while the spike in ADX increases, implying a positive growth of momentum.
Conclusion – LUNA coin price has recently exhibited a breakout of a flag pattern suggesting the start of an uptrend. The recent fall implies the retest of breakout. The breakout of the resistance level of $19.13 will probably lead the price back to its previous all-time high of $22.33. However, the rejection from the $19.13 level will drive the price lower but the declined selling volume has kept the chances of breakout alive.
Support- $12.7 and zone near $14.5
Resistance- $22.33
