LUNA/USD Weekly TA Cautiously Bullish
LUNA/USD Weekly cautiously bullish. Recommended ratio: 85% LUNA, 15% cash. Price is currently in the process of reclaiming the uptrend line from July 2021 (a close above $100 this week would accomplish this and give confirmation to go ALL IN). Volume remains very low and is on track for a fourth consecutive week of shrinkage, hinting that an impending breakout or breakdown is due. Parabolic SAR flips bearish at $48. RSI is currently trending up at 67 after breaking out above 64.56 resistance; the next resistance is at the descending trendline from February 2021 (75). Stochastic remains bullish and is currently trending up at 58; the next resistance is at 66.26. MACD remains bullish and is currently trending up at 13.5 as it approaches a test of 14.09 minor resistance. ADX is beginning to trend up at 36 as Price continues to appreciate, this is bullish. If Price is able to close this week above $100, it will likely retest the upper trendline of the ascending channel from March 2021 at $125 before potentially testing $150. However, if Price closes below $100, it will likely confirm a more pronounced Double Top that will have Price retest $87.51 minor support. Mental Stop Loss: (once close below) $97.88.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.