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LUNA – Altcoin chart analysis

 


LUNA has developed properly in the last few hours. After we saw lower prices down to around USD 48, we were able to develop a bullish chart pattern from here.


We can see a double bottom pattern on the 1H chart . We are currently struggling with the resistance line at around USD 52. If we manage to break this upwards, the price target is around USD 56.


At the same time, the trading volume continues to decrease. Thus, there is a possibility that we could see a breakout in the near future. The RSI is in a neutral zone, so we have room for improvement here as well.


In the LUNA/BTC daily chart, we cannot really speak of a bottom formation yet. We are currently trading here at around 0.0013 BTC in a weekly support zone. However, we have not yet been able to see any real reaction from this.


The trading volume continues to decrease here as well. At the same time we formed another double top. The price target here is around 0.0012 BTC. There is still the monthly support S1 and a daily support zone.



So there is still a certain risk that we will have to take a little more damage, at least from the opposite side. A bounce should then follow down there at the latest in order to maintain the bullish structure.

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