On Tuesday, February 22nd, we gave an overview on Luna. Later that evening, it was announced that the Luna Foundation Guard (LFG), a non-profit organization supporting the Terra blockchain ecosystem, raised $1 billion through an over-the-counter sale of LUNA, the native token of the Terra blockchain. The price immediately started to move up after this announcement, and is currently 30% up in the last 3 days!
On Wednesday, Luna broke out of a daily descending resistance line that is coming all the way from the end of December 2021, when the price was over $100. That is very positive and bullish for Luna going forward. For those that have not bought into Luna, currently we see that the Stoch RSI (Stochastic Relative Strength Index) is very high on both the 4 hour and the daily. The 4HR Stoch RSI possibly needs to reset, which will hopefully create an entry at the buy zone between $56 & $61. So, despite the current positive price action, keep in mind that there could be a dip, which would present us with a good buying opportunity for those looking to get in, as well as for those eager to accumulate more. If things continue to rocket for Luna, the first take-profit area of around $80 still stands. This corresponds to the 0.618 Fibonacci retracement level from the December 2021 high, and the low of $43.50 at the end of January 2021.
Based on the news that has come out this week, and also on what the charts are telling us, we are expecting some bullish upside in Luna over the next couple of weeks!
