Traders of Luna LUNA/USD have decided to take a stand. The sellers have been at the $17.80 level. Each time over the past three weeks that LUNA reached it, the sellers beat back the buyers.
The buyers have held firm at $16.20. Each time LUNA has dropped to this level, the buyers stepped up and took it higher.
Going forward, there will probably continue to be support and resistance at these levels. LUNA could remain in this range.
But if it breaks out of the top of the range, there’s a good chance a new uptrend will form. If it breaks out to the downside, it could be the beginning of a new trend lower. Luna investors will need to be patient until the next trend develops.
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