LUNA/USD Daily TA Cautiously Bearish
LUNA/USD Daily cautiously bearish. Recommended ratio: 30% LUNA, 70% cash. Price has broken down below the 50 MA ($90.50) and is currently testing $84.05 support. Volume remains low and with a red close today would favor sellers in eight of the past ten sessions (indicating enough buyers currently do not see value in above-$100 LUNA). Parabolic SAR flips bullish at $114. RSI remains trending down and is currently testing the descending trendline from August 2021 at 40 as support. Stochastic is currently attempting to crossover bullish at 4.50 as it precariously hovers over max bottom, this is mildly bearish. MACD remains bearish and is currently trending down at 1.56 as it approaches 1.16 support. ADX is currently forming a trough at 26.6 and is slightly trending up as Price continues to fall, this is bearish. If Price is able to establish support at $84.05, the next likely target is a retest of $92.78 minor resistance (which would coincide with the 50 MA). However, if Price continues to fall here, it will likely retest $78.04 minor support. Mental Stop Loss: (two consecutive closes above) $97.77.
*Occasional fundamental analysis on my Twatter*
*Occasional fundamental analysis on my Twatter*
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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.