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LUNA may be in danger of 46% sell-off due to this ascending wedge
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
LUNA’s ascending wedge has been forming for over a month and it is now, threatening a potential 46% sell-off. Traders must be cautious of a close below the confluence of the 4-hour 200-SMA (green) and 23.6% Fibonacci level, one which could trigger a bearish outcome. Meanwhile, bulls can aim for an early cut-off at the 38.2% Fibonacci level – A zone that held up a reliable support level in October.
At the time of writing, LUNA was trading at $51.5, up by 4.9% over the last 24 hours.
Source: LUNA/USD, TradingView
Three higher highs set up at $41.5, $49.5, and $61, along with three higher lows at $27.2, $41.3, and
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