LUNA Reloading for Another Run

To be honest I had little idea of what Terra was. It caught my attention as I wanted to short it a few times on Kucoin, but it kept going up in price even as some majors bled out. So I’ve capitulated to a Terra bull, and am now setup to ride a long with the coin ($1.45).

On the chart we see a consistent pattern of tall candles that ride outside the widened upper band before retracting into consolidation, then bursting up a short period later. Since Jan 7 there have been four major moves upward in this design, with price increases averaging ~35% before consolidation. Considering that the most recent runup was double legged, it wouldn’t be surprising to see some steady consolidation over the next 3-5 days.

Should the price drop below the EMA and trend down towards the lower band, I’d look for support to kick in around $1.22. If that were to fail, $.90 is a rock solid support and price will bounce quickly from there.

The coin launched on Ku in Sept ’19 and had its ATH at $1.35 then, so we are barely in price discovery , which leads me to believe we’ll see some strong movements upward in the near term. I’ll look to exit after $2 is breached and whether it struggles there or not.

This is not investment advice and trading cryptocurrency is high risk