- LUNA coin shows strong reversal candles near the resistance trendline, suggesting the continuation of the symmetrical triangle pattern
- The LUNA/BTC pair was trading at 0.000002188 BTC with a loss of 1.79%
- The current price of UNI token stands at $6.15, established on the back of a 7.15% increase in the past 24 hours.
The LUNA coin price is forming a symmetrical triangle pattern in the daily time frame as a short consolidation(Resting) period after the sudden fall in May month. The pattern could provide an amazing opportunity for LUNA traders with a strong directional move once the price gives a breakout from either of the sides.
About the EMA’s, the LUNA coin is trading below the critical EMA’s, 50, 100, and 200, as the price is still in its bearish phase; in addition, each of these lines should not be neglected as they will act as good resistance levels in the later period. However, the coin has recently given a breakout from the 20 EMA, which secured one point in favor of the bulls.
The RSI (NEUTRAL) current value is 50, indicating a neutral sentiment in the price.
LUNA Traders Can Have An Extra Edge By Keeping Traditional Pivot On Their Side
The LUNA coin price shows a great confluence between its S-R levels and the traditional pivot levels. As the coin moves in a symmetrical triangle pattern and should eventually give a breakout on either side, traders can plot traditional pivot levels in their chart, providing an extra edge in their trading location to set a logical stop loss.
As the MACD(NEUTRAL) is a lagging indicator, it shows a sideways movement of the two lines respecting the pattern mentioned above. However, as both the MACD line and signal line show multiple crossovers around the neutral zone (0.00), the trend remains unclear.
Conclusion: From the technical perspective, the symmetrical triangle pattern in the LUNA coin will provide an excellent opportunity for LUNA trades. They can enter the trade once it gives a successful breakout providing a good target of one-two pivot levels.