LUNA - $15 Area Provides Strong Support. Below that $5.35Traders,
I never thought I'd be writing this post and discussing support on Luna at $5 and $15. But here we are. Literally, days after Luna was one of the most bullish coins on the market. And it is now a very big factor that currently is negatively spreading bearish sentiment over the whole crypto space. It is not the scope of this post to discuss the details of what occurred. I'll save that for one of my update videos, but in short, while attempting to save their pegged UST stable coin, Luna inadvertently added more FUD and selling pressure on BTC which already getting recked.
Anywho, LUNA now become a predominant factor that we must carefully consider to help us gauge more accurately overall sentiment in the crypto space. And right now? We are extremely bearish, driven largely by great fear, uncertainty, and doubt (skepticism). Regaining trust, if it can be gained, always takes some time.
Understanding what future LUNA price might look like can greatly aid us in gaining perspective on the rest of the market.
As of now, LUNA remains on support at $24. However, zooming in to the 1hr/4hr shows a potential bear flag in formation. The price remains extremely fragile and I would not be surprised to see the bears follow through with a move down to the $15 area, a strong area of confluence in which support intersects with an ascending trendline.
Below that we have approx. $5.35, which is super strong support. If it breaks that? ...no one really knows, but I would start to question survivability.
VPVR supports both of these lower levels.
You can see that we have a nice M pattern on the weekly. Should a bounce occur soon, we would move back up to test that $46-$50 area of resistance.
Watch LUNA closely. It may start to become a lead indicator for us here.
Stew
