- LUNA 2.0 will likely lose another 45% following its recent upsurge.
- Sidelined buyers can enjoy an accumulation phase once LUNA 2.0 sweeps the $3.50 range low.
- A 4hr candlestick closing past $10.20 will cancel the bearish narrative.
LUNA 2.0 has its price consolidating beyond the range’s midpoint, reflecting faded volatility. These price actions emerged after the latest explosive upsurge beyond the topside boundary. That means investors are profit-taking.
LUNA 2.0 Primed for Further Losses
LUNA 2.0 formed a range, stretching between $3.50 and $10.20, and maintained its price movements within this territory. Meanwhile, the altcoin climbed 137% higher after creating a base near $4.98 on 28 May, sweeping the $10.20 range high.
Though the upside move was attractive, investors indulged in profit-booking, translating to a 42% drop that dragged LUNA 2.0 towards $6.85, the range’s middle area. The newly launched LUNA reboot struggles in this area and seems ready for more declines.
Since LUNA 2.0 swept the range high recently, enthusiasts can expect the altcoin to explore the $3.50 range low soon. Nevertheless, the downward move will offer bulls a recovery chance near the support floor of $4.98. Failure to hold here will likely catalyze the leg down to $3.50. That would translate to a 45% total loss for LUNA 2.0.
Though everything suggests bearish actions for LUNA 2.0, swift upsurges by Bitcoin would trigger a sentiment shift. Such scenarios would see the token forming a 4-hour candle closing beyond $10.20, plus a flip will annul the bearish narrative.
Meanwhile, the road with few hurdles is the downside. Bears remain in control of the crypto market. The past 24 hours saw sellers halting the latest upward relief. While publishing this content, the cumulative value of all digital coins stands at $1.22 trillion. The metric saw a 2.53% decline within the past 24 hours.
Also, Bitcoin encountered further losses overnight. The world’s largest crypto lost 2.33% to $29,686.38. BTC seemed weak and might plunge again before securing grounds in the near term. As highlighted above, LUNA 2.0 will mimic Bitcoin’s trend. The prevailing market conditions support declines for the new crypto.