Since August, many forecasts showed that LUNA could be 10x in the market value based on on-chain and technical analysis. During the second week of September, LUNA achieved a 3x gain within 24 hours, which is a positive confirmation of the aforementioned hypothesis.
LUNA price is currently trading at $2.49 as the bulls are struggling to hold the support level at the 8-day average movement. Since the 3x rally, the bears have dominated the market, driving the price down 65% within two weeks. When subdividing the number of downtrend waves, it is possible to fit three sets of 5-wave impulse structures.
This is a vague signal to investors. Moreover, the volume profile indicator is still skewed due to the rug pull crash in May. Therefore, it is even more difficult to properly determine the strength of the bulls amid the recent 300% rally.
Although LUNA’s on-chain indicators have shown significant bullish signals, based on recent price action, Terra LUNA’s price is expected to drop another 35%. Such a move would further reinforce a much broader symmetrical triangle pattern that would lock LUNA’s price into a range between $1.65 and $4.00 throughout Q4.
The condition to invalidate the bearish thesis is a break above the recent high at $7.77. If the bulls succeed, a 10x rally is likely to happen. The $28 target could lead to a gain of more than 1,000% from the current LUNA price.
(Reference: fxstreet)
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision.
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