LUNA/USD Daily TA Neutral Bearish
LUNA/USD Daily neutral with a bearish bias. Recommended ratio: 40% LUNA, 60% cash. Price is currently testing $84.05 support for the third consecutive day and is beginning to form a bearish flag as it attempts to establish support. Volume remains very low and broke the two day streak of selling yesterday with Price attempting to bounce here; a green close would strengthen the case for temporary support at $84.05. Parabolic SAR flips bullish at $108. RSI is currently testing the descending trendline from August 2021 at 42 as support. Stochastic is currently crossing over bullish at 4. MACD remains bearish and is showing no signs of trough formation as tests 0 support. ADX is beginning to trend up at 28 as Price is attempting to find support, this is mildly bullish. If Price is able to establish support at $84.05, the next likely target is a retest of the 50 MA at $92.78 minor resistance. However, if Price breaks down here, it will likely formally retest $78 minor support before potentially heading lower. Mental Stop Loss: (two consecutive closes above) $92.56.
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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.