Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

LUNA analysis – profit of 43% in only 5 days in the middle of a market correction

1 min read

LUNA, unlike most altcoins, got to strong growing trend. Although the market price is in the resistant area of ​​ATH, the forecast still does not change in the long run. Since the last low, the price has managed to climb upwards by $ 20. However, the price is slowly getting into overbought zone, and therefore the initial rejection would not be a surprise.

LUNA still hasn’t stopped the growing leg, but has run into it at the moment resistance. RSI already indicates the overbought limit. The price has room for growth, but the trend is likely to weaken. In the event of a potential rejection, we will be the first to monitor support MA21, which the price also tested when creating the last local minimum.

LUNA / USD 4HLUNA / USD 4H. Source: TradingView

LUNA is still bullish for a long time

The token is mainly driven fundamentally which reflects the fact that despite the endless market correction we are highly profitable on this pair. Consolidation is also at stake below ATH, which would mean that the trend has cooled and may continue to rise in the future, which would make it overcome ATH as well.

However, we have not yet confirmed whether the price is at a long-term maximum or not. If you are planning to buy, it is advisable to wait until the trend cools down and not get on the running train. However, there has been no change in the long run and we still achieve rising long-term lows.

Leave a Reply

Your email address will not be published.