The post Crypto Analyst Predicts LUNA Could Surge 80-100% After Breaking Key Trendline appeared first on Coinpedia Fintech News
- Captain Faibik predicts an 80-100% price surge for LUNA after a trendline breakthrough.
- LUNA broke $0.48 resistance, but $0.45 support is crucial for short-term direction.
- The coin’s current price: $0.469; potential bullish momentum expected.
Renowned crypto analyst Captain Faibik recently shared intriguing insights about Terra Luna (LUNA), predicting a potential bullish rally of 80-100% after a significant trendline breakthrough. Let’s take a closer look at Faibik’s analysis and explore the factors that could drive LUNA’s price higher.
Captain Faibik’s Bullish Outlook
Captain Faibik, though not a self-proclaimed fan of LUNA, has been inundated with chart requests for this digital asset. Faibik’s attention was drawn to the token when he observed a crucial development – the breaking of a major trendline. According to his analysis, this could trigger a substantial uptrend, potentially catapulting LUNA’s price by 80-100%.
I may not be a fan of this coin, but I receive frequent Chart Requests for it.$LUNA has broken a Major trendline and could potentially see a bullish rally of 80-100%.
#Crypto #LUNA #LUNAUSDT pic.twitter.com/R9UEmxK2Bx
— Captain Faibik (@CryptoFaibik) October 29, 2023
LUNA has been making waves in the crypto market lately, showcasing a resurgence in price that hints at a robust bullish momentum. Notably, the coon managed to breach the immediate resistance level at $0.48, a clear sign of its growing strength. However, an extended wick on the price chart suggests that resistance remains, with sellers pushing back as prices climb higher.
Currently, the focus in the market is on the battle around the $0.45 support level. Bears are making attempts to drive the price below this critical point, while bulls are striving to defend it. The outcome of this struggle will likely determine the coin’s short-term trajectory.
Potential Scenarios
If LUNA successfully rebounds from the $0.45 support level, it could mark a pivotal shift toward a bullish sentiment. This scenario may set the stage for LUNA’s price to ascend, targeting key resistance levels at $0.52 and $0.58. However, should the bears prevail and push the price below the $0.45 support, LUNA could find itself consolidating around the $0.39 mark.
As of the time of writing, LUNA was trading at $0.469, with market participants closely monitoring its every move. The breaking of a major trendline has ignited optimism among traders, with the possibility of a substantial price surge on the horizon.
