LUNA/USD Weekly TA Cautiously Bearish
LUNA/USD Weekly cautiously bearish. Anchor liquidation event spurs UST peg disruption while recessionary fears hit all risk-on markets -- due to the sheer voracity of the downturn LUNA is now on Bottom Watch. Recommended ratio: 30% LUNA, 70% cash. Price is currently testing the uptrend line from May 2021 at $15.92 support for the first time since July 2021. Volume is now moderate after surging this week and is on track to favor sellers for a third consecutive week. Parabolic SAR flips bullish at the ATH $119.72, this margin is bullish. RSI is currently trending down at 36.46 after breaking down below 45.83 support, the next support is the ATL at 5.87. Stochastic remains bearish and is currently trending down at 10 after breaking down below 32.46 support; the next support is at max bottom. MACD remains bearish and is currently trending down at 3.14 as it tests 3.83 support with no signs of trough formation. ADX is slightly trending down at 34.55 as Price sees massive selling pressure, this is neutral at the moment. If Price is able to defend support at the uptrend line from May 2021 at $15.92 support then the next likely target is a retest of $27.70 resistance (assuming $19.32 resistance is overcome) and potentially higher (the move will likely be a relatively big one considering the significance of the fall and will likely hinge on an announcement of a solution from Do Kwon). However, if Price breaks down below this uptrend line, then the next likely target is a retest of the uptrend line from December 2020 at ~$7 for the first time since January 2021. Mental Stop Loss: (two consecutive closes above) $19.32.
**From 05/03/21 to 05/24/21, LUNA dropped 80.51% from ~$20 to ~$4 -- then from 05/24/21 to 04/04/22 LUNA surged 2747% from $4 to $120 -- from 04/04/22 to 05/09/22, LUNA dropped 84% from ~$120 to ~$14 -- then from 05/09/22, what will the story be? Nobody knows, but there's Extreme Fear in the markets... usually that's a good time to be buying.**
**From 05/03/21 to 05/24/21, LUNA dropped 80.51% from ~$20 to ~$4 -- then from 05/24/21 to 04/04/22 LUNA surged 2747% from $4 to $120 -- from 04/04/22 to 05/09/22, LUNA dropped 84% from ~$120 to ~$14 -- then from 05/09/22, what will the story be? Nobody knows, but there's Extreme Fear in the markets... usually that's a good time to be buying.**
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