Terra LUNA is up nearly 20,000,000% since crashing to almost zero in May.
the proposal to conduct its second airdrop of over 19 million LUNA tokens until Oct. 4.From a technical perspective, LUNA's price risks undergoing a massive correction in the coming days.
Firstly, on the four-hour chart, the token's relative strength index has jumped above 70, which is considered overbought territory where a correction becomes more likely. Secondly, the price has been forming a rising wedge, a bearish reversal pattern, since Sep. 9.Notably, a rising wedge forms when the price trends higher inside an ascending range whose upper and lower trendlines converge toward one another.
As of Sep. 11, LUNA was testing its wedge's lower trendline for a potential breakdown move. In this case, the price will risk falling by as much as the wedge's maximum height.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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