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LUNA – 1D chart
This week saw LUNA testing last December’s all-time high of US$105, having previously attempted a break through resistance (and been rejected) at the beginning of the month. On March 28, it successfully broke through, with the level (so far) acting as support.
The price is currently trading at US$108. The next upwards move will send LUNA into “Price Discovery” mode.
The only way to measure potential resistance areas to the upside is by harnessing the Fibonacci (Fib) retracement tool: In this instance, we take the previous high in December and the low at the end of January to work out the 1.618 and 2.618 extensions to the upside. According to the Fib levels, potential resistance and take profit areas are at the US$140 and US$200 levels.
With so much positive news surrounding the Terra ecosystem at the moment, and a chart teasing another all-time high at any moment, there’s a good chance we’ll see a lot more upside in LUNA over the next couple of weeks.
You can find all of Sheldon’s entries, take-profit zones, key support and resistance areas by signing up to CoinPanel, where over 30 unique charts are regularly updated with all the key levels to watch out for.
