LUNA/BUSD Daily TA Cautiously Bearish
LUNA/BUSD Daily cautiously bearish. *With 17 hours left for the Terra community to vote on whether or not to fork a new chain, 66% remain in favor which all but guarantees that the current chain will become LUNC and the new chain (without UST) will be LUNA on May 26th EST (May 27th SGT). As it currently stands there is still almost no value proposition for buying LUNA before 03:59:51 PM EST (UTC-4) on May 26th (03:59:51 AM SGT (UTC+8) on May 27th) unless you believe that the current LUNA is salvageable and that LUNC will undergo a massive burn along with getting rid of or fixing the UST peg. For long term investors who believe both LUNC and LUNA will have future value similarly to ETC and ETH, this would be a reasonable time to buy a few LUNA.* Recommended ratio: 1% LUNA, 99% cash. Price remains trading under $0.001 cent and will likely continue to do so leading up to the fork on May 26th EST. Volume has been shrinking but remains moderately high and has favored sellers in eight of the past 10 sessions. Parabolic SAR flips bullish at $7.14, this margin is bullish. RSI remains flatlined at 14.25 for a fourteenth consecutive session. Stochastic also remains flatlined (at max bottom) for a fourteenth consecutive session. MACD remains bullish after crossing over in yesterday's session, showing that there is at least some buying interest (probably those who bought to burn). ADX remains trending up slightly at 61 as Price continues to see selling pressure keeping it below $0.001 cent. If Price is able to breakout above $0.01 cent (only way possible is with a massive burn accompanied by buyer interest), then the next likely target is a test of $0.27 cents. The only other option is for it to range here between $0.00016 and $0.00 before it undergoes the rebranding (LUNC). Mental Stop Loss: (two consecutive closes above) $0.01 cent.
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