LUNA/BUSD Daily TA Cautiously Bearish
Updated
LUNA/BUSD Daily cautiously bearish. *With 137 million votes to go and 5 days left, the governance proposal to fork Terra into a new chain without UST is at 64% in favor; it just needs to be at 50% or above in 5 days for the network to launch on May 27th.* Recommended ratio: 3% LUNA, 97% cash. Price remains hovering at fractions of a cent as the vote on whether or not to hardfork the Terra chain goes on for five more days; the 50 MA is about to form a Death Cross on the 200 MA at $69 for the first time since June 2021. Volume remains very high and has been shrinking for five consecutive sessions now, and has favored sellers for six. Parabolic SAR flips bullish at $13.23 resistance. RSI remains flatlined at 14.25 for what is about to be ten consecutive sessions. Stochastic also remains flatlined at max bottom for ten consecutive sessions. MACD remains bearish and is trending up slightly at -23 as it is on the verge of a bullish crossover at -21.35; this will be one to watch leading up to the end of voting. ADX continues trending up slightly at 54 in search of a peak as Price continues to hover close to 0, this is mildly bearish; if it is able to form a peak as Price grows, this would be mildly bullish. If Price is able to breakout above $0.01, the next likely target is a test of $0.27. However, if Price continues to see selling pressure, it will continue to hover in volatility under $0.001. Mental Stop Loss: (two closes above) $0.01.
**There is an argument to be made about the reduced 100m supply of new LUNA being a bullish catalyst for its Price and it very well could, but this argument assumes that the remaining 137 million votes don't go to 'No with Veto' or 'Abstain'.**
**There is an argument to be made about the reduced 100m supply of new LUNA being a bullish catalyst for its Price and it very well could, but this argument assumes that the remaining 137 million votes don't go to 'No with Veto' or 'Abstain'.**
Note
Correction: reduced 1b supply of new LUNA* (which is still greater than the ~350m in circulation prior to the depeg but less than the ~6.5t currently in circulation)... it remains to be seen what the supply of LUNC will be in a post fork world.
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