LUNA price demonstrates that there is an accord between the bulls as well as the bears, which has resulted in an extremely tight consolidation. The coiling is taking place in the midst of Bitcoin and the other markets are falling non-stop.

LUNA price could crash more

LUNA price was above the lower end in the price range and jumped between $3.50 up to $10.24 in the week of June 8. The downswing triggered a massive sell-off , pushing the altcoin towards forming an ebb at $1.87.

Since since then, there's been a modest recovery, however LUNA price has been slipping higher, but it is still below the range mentioned. When bears gain control and pull the price down and lower, there's only one level of support, which is $1.87 A break of this resistance will result in the creation of new lows.

So, investors must be wary when investing in LUNA in particular, as the market structure appears to be grim. As Bitcoin price continues to fall without any end in sight the altcoins are also being hit hard.

Thus, a break in this $1.87 support floor may result in the LUNA price plummeting to the -0.27 the retracement point at $1.69. From the current level the move could be an increase of 27.

However If LUNA price can produce the four-hour candlestick to close at or above $3.50 This will signify an increase in buyers. This will also indicate the beginning of a of the market. In this scenario investors should expect LUNA price to challenge the $4.98 resistance level.

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