The price of LUNA was a fan favorite the prior two months as it ripped to new highs even while bitcoin was basically going sideways.
However, when the crypto sell off kicked in couple with LUNA being a bit overbought it was a recipe for a sell off, which we did indeed get.
A week or so ago I did a post on LUNA pointing out that it finally had put in a lower high on the daily chart and there would be atleast a breather in the bullish action more than likely.
That turned into a full blown sell off as LUNA has gotten hit harder than some of the other alts.
I have started building a position on this dip with a few different buys on the way down.
The video below gets into more of the price technicals....
LUNA It was all good just a week ago
Posted Using LeoFinance Beta
I was this close to buying last week. But my hunt to grow my stable holdings didn’t let me.
Posted Using LeoFinance Beta
Well that worked out!
Posted Using LeoFinance Beta
There was a big argument on CT between one of the traders, who said Luna could head back to $10, and the founder of Luna, who disagreed.
I do think that the use of Luna in backing UST makes it more volatile. I keep wanting to build a model to work out exactly how much more volatile, and at what points the whole thing breaks down, but I never find the time.
Lol there is no way Luna can be back to $10, if you understand the relation between the UST and Luna.
UST is basically poised to keep growing at a pace between the USD inflation and Crypto Market Cap grow, so... Yeah, you can tell I'm bullish.
Posted Using LeoFinance Beta
Hmmm...I'd love to see that model if you do make it. I can't decide if the UST thing makes this a sure fire winner that will join SOL and BNB in market cap or if it all comes crumbling apart.
Posted Using LeoFinance Beta
It’s still a winner. It will blow away the ATH next run.
Absolutely, it is actually my favorite pick for 2022. Should end up at $200 or more, top 5 market cap is just a matter of time. Price action right at this moment is crappy tho.
Posted Using LeoFinance Beta
And then there are crazy 20% returns...I wonder if its sustainable?
Posted Using LeoFinance Beta
For today Luna is selling. We believe that the price of Luna will still bull Soon.
Posted Using LeoFinance Beta
Ouch.
Posted Using LeoFinance Beta
How do you know if a coin is overbought or oversold?
Posted Using LeoFinance Beta
Most people use the Stochastics indicator. Personally I just use the 10 day moving average and when price gets overstretched from it on a hard move my gut just kind of tells me. I've been charting 20 years though :-)
Posted Using LeoFinance Beta