The price of LUNA 2.0 is primed for a 60% rally. This comes after its price breached the range that it crashed violently from in June. Now, it seems that buyers are attempting a comeback, which could result in a rally.
LUNA’s price set a swing high at around $2.79 on June 27 after it rose by 42%. Although this upswing was impressive, the movement lost momentum. This, combined with a surge in selling pressure, saw LUNA’s price retrace approximately 23%.
This recent pullback could be a blessing in disguise for the next mini rally that could take the price of LUNA to as high as $3.50, which is also a significant hurdle. With this in mind, investors should pay close attention to LUNA’s price action over the next couple of days as its price is primed to target the next hurdle up.
Patient investors will be able to benefit from the anticipated 60% gains as the upside for LUNA 2.0 will probably be capped. However, should buyers decide to step in and flip this hurdle into a support level, it could result in a rally extension.
In this scenario, the price of LUNA could rally an extra 43% to the $4.98 price level. In total, the entire rally could see investors posting a 131% return on investment.
On the other hand, if LUNA’s price is hit with an intense sell-off from the current position, then the uptrend is unlikely to trigger. If this version were to play out, and LUNA 2.0 produces a 4-hour candlestick close below $1.87, it will result in a lower low and invalidate the bullish thesis.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.