Luna price has just established a new all-time high at $9.35 but could be on the verge of a pullback after a significant rally in the past two months.
On the daily chart, LUNA has established a right-angled broadening wedge pattern which is considered bearish. At the same time, the TD Sequential indicator has presented a green ‘8’ candlestick which is usually followed by a sell signal.
LUNA/USD daily chart
The confirmation of the sell signal has the potential to drive Luna price down to the lower trendline support located at $5.5.
LUNA/USD daily chart
However, on the flip side, if the bulls can push LUNA above the upper resistance trendline and see a daily close there, the digital asset will explode by 40% in the long-term towards $13.