Watching LUNA's recent bounce off 1.26 support
Been keeping an eye on $LUNA today. It's interesting to see it bounce pretty consistently off that 1.26 level after the initial dip this morning. We saw a low of 1.26 and it's held that area reasonably well throughout the day, currently trading around the same mark. This could indicate some underlying support building, potentially a short-term bottom if the broader market holds.
However, the intraday high was only 1.29, suggesting there isn't a massive amount of buying pressure pushing it higher just yet. A clear break and close below 1.26, especially if accompanied by increased volume, would pretty much invalidate this idea of a temporary support. In that scenario, I'd expect further downside, potentially retesting previous lows from earlier in the month. Just some thoughts on the current price action.
Ah, the ol' 'bounce off support' trick. It's almost like the market is trying to lull us into a false sense of security before its next grand performance. Keeps things interesting, at least.