LUNA confirmed a Regular Bullish Divergence, signaling fading downward pressure.
A Falling Wedge breakout suggests a potential sharp upward move for LUNA.
LUNA's target is $9.12, with $3.50 as the next significant resistance level.
LUNA (Terra) is on the verge of a massive breakout, capturing the attention of traders and investors alike. As the post below suggests, LUNA has confirmed a significant Regular Bullish Divergence.
This chart pattern typically signals that the downward pressure might be fading. Alongside this, LUNA has also broken out of a smaller Falling Wedge pattern, a technical setup that often signals a sharp upward move.
https://twitter.com/JavonTM1/status/1827755587595309404 Technical Indicators Align for a Bullish Surge
The alignment of these two powerful indicators is a promising sign for LUNA's future price action. A Regular Bullish Divergence occurs when the price forms lower lows, but the underlying momentum indicators, like the RSI, form higher lows.
Adding to the bullish outlook is the Falling Wedge pattern, a chart formation known for its ability to precede explosive price movements. As the wedge narrows and price breaks above the resistance, it often triggers a strong rally.
Eyeing the $9.12 Target: What Lies Ahead
With the technical setup in place, LUNA could be gearing up for a monumental rally, potentially leading to a target of $9.12. This target aligns with previous key resistance levels, making it a realistic milestone for the coming weeks or months.
To reach this target, LUNA will need to clear several important levels along the way. The next major resistance is anticipated around $3.50, where traders might encounter some selling pressure.
However, this level could be breached without much difficulty if the bullish momentum holds. A surge in volume would confirm the breakout and strengthen the case for a sustained rally to more price gains.
The post LUNA’s Bullish Divergence and Falling Wedge Breakout Point to Monumental Reversal appeared first on Crypto News Land.
