$LUNA, alongside $MATIC has had a great run, decoupling from the general market and forming new all time highs while most of the market is underperforming. Over the last few days, however, it has shown several signs that it needs to cool down. Bearish divergences on almost every timeframe, plus a falling wedge has now developed. In my opinion, this is a very bearish indicator for the market in general, as it is EXTREMELY overbought on the weekly and monthly time frames. I am taking a short with a stop loss at $106 USD, and a target of $67 (Great R:R ratio). I think the market is about to dump aggressively within the upcoming weeks. Trade safely.
Comment:
*Rising wedge, not falling wedge.
Comment:
UPDATE: LUNA JUST BROKE DOWN FROM THE RISING WEDGE.
Trade closed: target reached:
TRADE CLOSED @ $67. LET'S GOOOOO