Last Chance To Grab $LUNA Below $100

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Coinmonks

4 min readApr 9, 2022

This is not financial advice, education only.

Please take a look at my previous post on ‘How To Trade $LUNA’ to understand where this claim coming from. In my previous post, I have shared how to use trendline in trading $LUNA. So far, the trendline still hold it’s support and almost always bounce right on it.

Daily Chart

On April 5th, Luna has hit a new all time high of $119.55. The ability to hit a new all time high during choppy market shows $LUNA is set for a strong uptrend. This theory applies to all market.

After achieving a new all time high, $LUNA is poised for a correction. The correction we are currently seeing is a healthy one. Fingers crossed that $LUNA will hold the trendline. Note that Luna is also currently testing EMA50 (green line) as support.

Note that we have two support at this price range:

The trendline
EMA50

If $LUNA breaks this support range, $LUNA will continue to dump to the next support. If this happen, this means $LUNA has failed to generate a higher low. To continue moving upward, $LUNA must generate a higher high and higher low.

Based on price experience, $LUNA has proven time and again that it is strong to move alone without following $BTC price movement.

Provided that $LUNA bounce from this trendline, I would expect $LUNA to be testing $104, $110 and $119 as resistance accordingly.

If fails, $LUNA can dump to $75 range.

There is also a possibility that $LUNA will drop further to take out weak hands in preparation for a move higher.

On this note, it is important to remind yourself if you are a trader or an investor. A trader does not want to be stuck in a dump situation as nobody knows when the price will have the strength to move up again. Meanwhile, an investor does not need to be worried much by daily price movement. You are in it for the long game.

Weekly Chart

Let’s look at $LUNA weekly chart. Current candle does not look that good in my eyes. The last two candles is a tweezer top formation. Next week candle is crucial for traders. Trader need to be careful here. There is a chance of repeating the same downward movement as late last year. Hence, it is significant for $LUNA to hold its’ current support.

If fails, $LUNA can dump to $75 range.

In trading, it is always best to see both bigger and smaller timeframe. This will avoid entering too early or entering at the top.

I personally would wait for further confirmation to enter. This means that I will wait for reversal signal from the candle. Given the current trendline lose it’s support, be ready to draw a new trendline that is a down trendline.

4 hour chart

Reversal signal would appear in a smaller timeframe first.

Drawing a short term trendline is one of the best way to check for reversal signal. I have drawn a short down trendline on 4 hour chart as above. Observe how price bounce down after hitting the trendline. This means this short term down trendline is the resistance $LUNA needs to break in order to stop the price from falling down. Once it manages to break this down trendline, there is a chance for $LUNA to bounce up.

Always remember to manage the risk first in trading.

To be honest, I am bullish with $LUNA. As a trader, I only want to enter at a discounted price ;)

Clap and share if you find this article helpful! I appreciate it very much :)

I must remind you that this is not financial advice. Everything shared here is for education only. Be sure to do your own research before investing in any coins/tokens. It is important to DYOR based on your personal circumstances. I will not be responsible for any investment made by you.

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Last Chance To Grab $LUNA Below $100

This is not financial advice, education only.

Daily Chart

Weekly Chart

4 hour chart

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Written by Farhana A.