Luna had a chance to stay above $54, but it failed.
Because of that, it broke below $50 and it is unlikely buyers can turn this boat around, at least not until it reaches $42 where the next key support level is found.
Since this most recent drop, the $54 has turned into resistance and the chart is quite bearish. People FOMOed at under $60, but that did not turn out great did it?
Luna's pump at the end of 2021 was impressive, but now that bubble is slowly deflating and prices come back to reality.
I would not rush into Luna, particularly if this bear market is just starting. If BTC can't hold above 30k, then most alts will bleed even more, so save some cash for that possibility.
Bias is bearish on Luna right now. Best to wait on it.
HS measured move is $25. Most likely would be a capitulation candle which would have it test $22 previous ATH support. Lines up with the 80% correction it took in May.
KINGdewd
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$26 ...Roll m!
KINGdewd
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will dive deeper than that. Weekly bearish macD will shave off $15 more imho