LUNA2's moon dreams are far from becoming true.
LUNA2/USD four-hour price chart versus BTC/USD. Source: TradingViewThe recent bout of buying in the LUNA2 market could trap bulls, given it has come as a part of a broader correction trend." pattern, a bearish continuation setup that appears as the price consolidates upward inside a parallel ascending channel after undergoing a large move downside.
Bear Flags resolve after the price breaks below the channel's lower trendline. As a rule of technical analysis, their breakdown takes the price to the level at a length equal to the size of the previous downside move , as shown in the chart below.LUNA2, now trading near its Bear Flag's upper trendline , could undergo an imminent pullback toward the pattern's lower trendline near $2.
If accompanied by an increase in volume, an extended price correction would put LUNA2 at risk of crashing to $1.30, down almost 50% from June 2's price.Notably, LUNA2
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