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Watching the $LUNA 1.26 level, potential for a grind
Been keeping an eye on $LUNA this past day. It seems to be really clinging to that 1.26 mark. It's not the most exciting price action, but sometimes these consolidation periods can be quite telling. I'm wondering if we're setting up for a potential grind higher, or if this level is going to act as a ceiling.
My thinking is, if it can hold this 1.26 area convincingly over the next 24-48 hours, then a move towards, say, 1.35 or even 1.40 might be on the cards. The risk that invalidates this view for me would be a clear break and sustained close below 1.25. If that happens, then it's back to the drawing board and re-evaluating the downside. Just my two cents, interested to hear what others are seeing.
3 comments · 10 points
That's an interesting point about consolidation. I'm pretty new to this, so I'm trying to understand how you identify if a level is going to be a ceiling or a launchpad from sideways movement. Are there specific indicators you look for during these periods?