LUNC went on a wild ride last week. Could it go higher?
Updated
Well...that was fun albeit unexpected. A few people had a hunch that it would rise but not this much. I hope everyone took their short term profits.
My first analysis was in the "previous buy spot" in a very heavy range zone. This rise in momentum is not only good for LUNC community, but also for crypto in general. It might put a bit more faith the Terra community. However, many people are under the fair assumption that this is a rug pull. If you look at the past few days we can see that LUNC and USDT are almost completely inverse with the rest of the crypto market; Terra goes up, everything else goes down. Whether there is something noteworthy there, I'm not sure.
My initial buy spot was in the 0.00021 (thereabouts) region before we had a massive rally by over 140%. Of course, let's be realistic, I definitely did not take profits at the very top. I took partial profits at the second "TP" (circled). And I am still in LUNC. But for now, what should we be looking for.
LUNC is undergoing a massive retracement which is not only obvious but also predictable. The bulls are taking their profits and leaving it the hands of bears to consolidate the price to a slight downtrend. In this time there are several buying areas that everyone is looking at: The first or second areas of support, a retracement to the previous Range Zone, or a touch of the 200 SMA. Because of all of these factors I think this is a no go zone. Stay well away for the time being and wait for price to turn.
There is always an opportunity.
My first analysis was in the "previous buy spot" in a very heavy range zone. This rise in momentum is not only good for LUNC community, but also for crypto in general. It might put a bit more faith the Terra community. However, many people are under the fair assumption that this is a rug pull. If you look at the past few days we can see that LUNC and USDT are almost completely inverse with the rest of the crypto market; Terra goes up, everything else goes down. Whether there is something noteworthy there, I'm not sure.
My initial buy spot was in the 0.00021 (thereabouts) region before we had a massive rally by over 140%. Of course, let's be realistic, I definitely did not take profits at the very top. I took partial profits at the second "TP" (circled). And I am still in LUNC. But for now, what should we be looking for.
LUNC is undergoing a massive retracement which is not only obvious but also predictable. The bulls are taking their profits and leaving it the hands of bears to consolidate the price to a slight downtrend. In this time there are several buying areas that everyone is looking at: The first or second areas of support, a retracement to the previous Range Zone, or a touch of the 200 SMA. Because of all of these factors I think this is a no go zone. Stay well away for the time being and wait for price to turn.
There is always an opportunity.
Comment
LUNC has done a significant bounce off the 0.0003 price. Could be a good time to buy and hold.Comment
All assets took a big dive due to the CPI data that came out. But I am still bullish on the asset.
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