Terra’s Luna (LUNA)
By Fri, Jan 14, 2022
Hey hey hey!
It’s pretty clear at this point that you can knock crypto down, but it keeps coming back stronger than ever as former resistance levels turn into new support levels.
That’s most obvious in Terra’s Luna (LUNA).
This is a digital currency designed for crypto mining and governance to issue stablecoins, pay “gas” costs, and vote on the blockchain.
It’s one of crypto’s biggest gainers, and it is a tantalizing Chart of the Week.
There’s great relative strength in the sector, on the platform, and in the coin itself.
We love LUNA as long as it’s above $87, and think it’s a monster winner with a target of $140.
This is extremely well-defined risk vs reward, especially as that former resistance turns into support.
Below $87, we’re out of the trade, but above that level we are long and riding it for a big win to $140.
Til next week, good trading,
JC Parets
Sponsored Ad
Free Training: 60-Minutes to Trading Freedom
Would you like to make more money in one hour of fun trading than working all day at a job?
Then check this out…
About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
